The US-based Citibank group is selling its India business to Axis Bank for Rs 12,325 crore. The deal will be closed in the mid of the 2023 calendar year. As per the deal, Citibank must exit from consumer franchises in 13 markets, including India.
Currently, Axis Bank is the fourth-largest issuer of credit cards. Citi bank has entered India in 1902 and started the consumer banking business in 1985.