Citigroup Talks To Axis Bank Over India Business Sale – Report

Editorial Staff

15 February 2022

India-based has been selling off a selection of its retail banking operations in a range of countries from Mexico to Taiwan, as part of a pivot towards areas such as wealth management.

The news report said that Axis Bank emerged as the buyer after beating rivals, with factors such as job security for current Citigroup employees and competition concerns being taken into account, one source said.

Representatives for Axis Bank and Citigroup declined to comment, Bloomberg said.

Earlier in January, the US bank agreed to sell consumer banking businesses in Indonesia, Malaysia, Thailand and Vietnam to United Overseas Bank for about S$4.9 billion ($3.6 billion). That disposal followed the sale of its assets in the Philippines last December to Union Bank of the Philippines for a cash consideration plus a premium of about $904 million. Citigroup has also wound down its consumer and SME banking operations in Mexico.

Under Jane Fraser, Citigroup CEO, the bank’s US consumer and global wealth arms are being melded into a single business. Like other international banks, it is also pushing into areas such as wealth management and private banking in Asia to tap a rising and affluent middle class.