![Axis Bank set to buy Citigroup’s India retail banking business](https://www.gkseries.com/blog/wp-content/uploads/2022/02/download-2022-02-15T113354.373.jpg)
Axis Bank Ltd. is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion. An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of India.
The deal would include a cash component of less than $2 billion, accounting for the consumer business’s liabilities.
Axis Bank CEO: Amitabh Chaudhary.