![]() ![]() ![]() As was previously announced, Citi's global exit from its consumer banking franchises in 13 markets across Asia and EMEA is expected to release approximately US$7 billion of allocated tangible common equity over time. Upon closing, Citi expects the transaction to result in the release of approximately US$800 million of allocated tangible common equity. There will be no immediate impact on the services to the customers of Citi's consumer businesses in India. This announcement is only the start of a process, and while there will be a transition, Citi will ensure that it is done in as seamless a manner as possible, with due notice. The transaction is expected to close in the first half of calendar year 2023 subject to requisite regulatory approvals. ![]() Axis will pay to Citi cash consideration of approximately US$1.6 billion for the acquisition of the consumer business, subject to customary closing adjustments. The transaction will also include approximately 3,600 Citi employees supporting the consumer businesses in India, who will transfer to Axis upon completion of the proposed transaction. ![]() It excludes Citi's institutional client businesses in India Citi remains committed and focused on serving institutional clients in India and globally. The transaction also includes the sale of the consumer business of Citi's non-banking financial company, Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio. The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans. Axis was selected by Citi following an extensive and competitive auction process. Mumbai – Citi today announced that it has reached an agreement with Axis Bank Limited (Axis) for the sale of Citi's consumer businesses in India. ![]()
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