Citi sells India Consumer Banking to Axis Ban

Citigroup (Citi) has announced the completion of the sale of its consumer business in India to Axis Bank Limited, as part of its ongoing strategic refresh. The sale includes credit cards, retail banking, wealth management, and consumer loans, as well as the transfer of approximately 3,200 Citi employees. The sale is expected to result in a regulatory capital benefit of $1.4 billion for Citi. Citi’s institutional client businesses in India are excluded from the sale, and Citi remains focused on serving institutional clients in India and globally.

Citi also announced the completion of the sale of its retail banking and consumer credit card businesses in Vietnam to UOB Group, as part of its decision to exit consumer banking across 14 markets in Asia, Europe, the Middle East, and Mexico. Since announcing its intentions, Citi has signed sales agreements in nine markets and has now closed sales in seven markets including Australia, Bahrain, Malaysia, the Philippines, Thailand, and Vietnam. The firm previously announced wind-downs of Citi’s consumer business in China and Korea, and the wind-down of Citi’s overall presence in Russia is in progress.

Peter Babej, Citi Asia Pacific CEO, said that India remains a critical institutional market for Citi, and the bank will continue to support its institutional clients in this core market and across the Asia-Pacific region. Citi CEO of Legacy Franchises, Titi Cole, added, “Completing this landmark sale in India is a key milestone for Citi as we execute on our firm’s strategy refresh. We sincerely thank our former colleagues and clients for their contributions and loyalty and wish them continued success.”

The sale of Citi’s consumer business in India to Axis Bank Limited was first announced in March 2022. With the completion of the sale, Axis Bank has expanded its presence in the Indian retail banking space and strengthened its position as a leading player in the Indian financial services sector.