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Axis Bank Completes Acquisition of Citibank's India Business; What It Means For Customers

Mumbai-headquartered Axis Bank has completed the acquisition of the India consumer business of the Citigroup-owned foreign bank Citibank for Rs 12,325 crore. The deal, announced in March 2022, will see India’s third largest private sector bank absorbing Citibank’s consumer businesses covering loans, credit cards, wealth management and retail banking operations in India. In a stock exchange filing last week, Axis …

Axis Bank's Acquisition of Citi's Consumer Business in India for Rs 12,325 Crore Gets CCI Nod

The Competition Commission of India has approved the Rs 12,325 deal of Axis Bank’s acquisition of Citibank’s consumer businesses in India, the authority announced on Tuesday, July 26. “Commission approves acquisition of Citibank, N.A.’s and Citicorp Finance Limited’s undertakings comprising of their consumer banking activities by Axis Bank,” the CCI said on Twitter. Commission approves acquisition of Citibank, N.A.’s and …

Business

Citibank Exit: Looking for Buyers for Business in India, No Impact on Existing Customers, Says Official

In a major move, American banking company Citigroup announced on Thursday that it will be exiting 13 international consumer banking markets, including India and China as part of its global strategy. The company said it will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates. We will now look for a …

Consumer Business

London CNN Business — Citibank has a big problem: It mistakenly wired roughly $175 million to Brigade Capital Management, and the hedge fund hasn’t returned the money. The US banking giant filed a lawsuit Monday in the Southern District of New York, seeking the return of funds that it said were transferred in an “operational mistake.” Citibank said in court …