Axis bank likely to pay Rs 12325 crore to Citibank in Jan Mar. - News

Axis bank likely to pay Rs 12325 crore to Citibank in Jan Mar

Axis Bank is expected to make the payment to Citibank in the January-March quarter for its ₹12,325 crore purchase of the US bank's consumer business in India, as it looks to close the deal before the end of this fiscal year.
The deal was announced in March this year. Despite Citi losing market share on credit cards in India, Axis Bank says attrition of employees and customers in the business it was acquiring was within manageable limits.
"We are now working towards what is called legal date one, which is when the balance sheet, people and customers move to us and we will pay the consideration to Citibank," Axis Bank deputy managing director Rajiv Anand told ET. “We are expecting closure somewhere in the last quarter of FY23, which is January to March next year (2023).”
In March this year, Axis Bank said it agreed to acquire Citi's India retail business, totalling about ₹27,400 crore. The lender is also acquiring Citi's deposits of ₹50,200 crore. The deal includes the credit card, wealth and retail banking operations of both Citibank India and Citicorp Finance.