Axis Bank, India’s fourth-biggest private-sector lender by market value, Wednesday said it has completed the acquisition of Citibank India’s consumer businesses in India for a total consideration of ₹11,603 crore.
The bank will get 2.4 million Citi customers and ₹39,900 crore of deposits through this acquisition. The entire integration process will be completed in the next 18 months.
“We have completed the acquisition of Citi’s consumer business but the journey has just begun,” said Amitabh Chaudhry, MD, Axis Bank. “From here on, we need to ensure that we can unlock the synergies for all stakeholders – employees, customers, and our investors. We will focus on franchise consolidation, value enhancement for the combined customer base and transfer of best practices. We have a clear plan across 60 plus synergy levers that have been identified.”
The transaction, announced in March 2022, has been closed for a cash consideration of 116.03 billion rupees ($1.41 billion).