Citi announced today it has completed the sale of its India consumer business to Axis Bank Limited (Axis). The sale, which Citi and Axis first announced in March 2022, includes credit cards, retail banking, wealth management and consumer loans, as well as the transfer of approximately 3,200 Citi employees.
The transaction is expected to result in a regulatory capital benefit of US$1.4 billion.
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 today the completion of the sale of its retail banking and consumer credit card businesses in Vietnam to UOB Group. Since announcing intentions to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, 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, in addition to India. 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, “India remains a critical institutional market for Citi. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC, delivering the full power of our global network to enable their growth.”
Citi CEO of Legacy Franchises Titi Cole said, “Completing this landmark sale in India is a key milestone for Citi as we execute our firm’s strategy refresh. We sincerely thank our former colleagues and clients for their contributions and loyalty and wish them continued success.”
