Indian private lender Axis Bank Ltd announced that it completed a deal to buy Citigroup Inc’s. local consumer and non-banking finance businesses, marking the U.S. lender’s exit from its credit card and retail businesses in the country.
The deal was closed at $1.41 billion due to Citi’s customer attrition and a fall in deposit base, Subrat Mohanty, Axis Bank’s group executive of banking operations and transformation, said. The acquisition is expected to add 2.4 million Citi customers to Axis Bank, less than the initially announced 3 million.
Axis Bank will not need to raise any fresh capital to fund the deal, said chief executive Amitabh Chaudhry, adding that capital adequacy remained strong.
He saw a net impact of about170 basis points to the common equity tier 1 ratio from the deal.
In 2021, Citi chief executive Jane Fraser announced plans to exit its consumer businesses in 13 Asian and EMEA markets.
The current transaction is expected to result in a regulatory capital benefit of $1.4 billion, said Citi.
Last updated: December 26th, 2025
