Citibank may announce sale of its India consumer business to Axis Bank on March 30, CNBC-TV18 reported. Deal size is expected to be about $2 billion with milestone-linked payments, the report said. It includes Citi’s customer base of 2.6 million credit card holders.
Further, as part of the deal, Citibank will continue to service the customers during the integration period so that the transition is seamless and no one is inconvenienced.
While Citi declined to comment, Axis Bank said that it will hold a press conference on strategic business development after market hours today.
Last year, Citibank had said that it will exit its consumer franchises in 13 markets, including India, and refocus on its more lucrative institutional and wealth management businesses. Its Indian consumer banking business comprises credit cards, home loans and retail banking.