Citi: Announces Agreement to Sell Its Consumer Businesses in India
- Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions
- Announced that it has reached an agreement with Axis Bank Limited (Axis) for the sale of consumer businesses in India
- Includes credit cards, retail banking, wealth management and consumer loans
- Excludes institutional client businesses in India remains committed and focused on serving institutional clients in India and globally
- The transaction will also include approximately 3,600 employees supporting the consumer businesses in India
- Axis will pay cash consideration of approximately US$1.6 billion for the acquisition of the consumer business
