Axis Bank informed the stock exchanges that the deal to acquire Citibank India’s consumer business and NBFC (non-banking financial company) business of Citicorp is expected to be completed by March 1.
“We now wish to inform you that both parties have made progress on integration and have obtained other requisite customer consents and approvals, as applicable. Based on the progress made till date, we estimate a reasonable possibility of completion of the acquisition by March 1, 2023, which is within the timeline of 12 months indicated earlier by us…,” Axis Bank said in an exchange filing on February 23.
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Post completion of this deal, all customers, employees and assets of Citibank will be transferred to private sector lender Axis Bank, which will pay a consideration of Rs 12,325 crore for the acquisition.
Moreover, there would be a transition period of 18 months during which the Citi customers will migrate to Axis Bank, after the completion of the deal.
