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Five banks in the fray for Citi India's retail business: Report

Axis Bank, IndusInd Bank, Kotak Mahindra Bank, HDFC Bank, and DBS Bank are reportedly the top contenders for Citi's retail business in India.

August 10, 2021 / 08:48 AM IST
As on March, 2020, Citibank has 2.9 million retail customers in India with 1.2 million bank accounts and 2.2 million credit card accounts. (Image: Reuters)

As on March, 2020, Citibank has 2.9 million retail customers in India with 1.2 million bank accounts and 2.2 million credit card accounts. (Image: Reuters)

Five banks have emerged as the top contenders of Citi India's estimated $2-billion retail business, which includes its portfolio of credit cards and mortgages, The Economic Times has reported.

Four domestic lenders - Axis Bank, IndusInd Bank, Kotak Mahindra Bank, HDFC Bank - and one foreign lender - DBS Bank - are on a shortlist that could be further trimmed to three, the report said.

Also read: Exclusive | Citibank to look for a buyer for its India retail business

Moneycontrol could not independently verify the story.

Kotak Mahindra Bank declined to comment when contacted by The Economic Times, while HDFC Bank, Axis Bank, and IndusInd Bank did not respond to queries.

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"While we, from time to time, evaluate potential bolt-on opportunities in markets where we are active, we do not comment on the specifics of any particular opportunity," a DBS spokesperson said.

A spokesperson for Citi did not provide details of the bids.

"But we have seen strong interest in our consumer business," the Citi spokesperson told The Economic Times. "As with deals of this nature, the likely transaction process will customarily take place over a number of months and will require interaction with a wide range of interested buyers."

Also read: Why did Citibank exit India consumer business?

Citibank had in April said it will exit consumer/retail operations in 13 countries across Asia and Europe, including India.

As of March 2020, Citibank has 2.9 million retail customers in India with 1.2 million bank accounts and 2.2 million credit card accounts.
Moneycontrol News
Tags: #Citibank
first published: Aug 10, 2021 08:48 am

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