Axis Bank completes acquisition of Citibank India's consumer business

This deal will have a 177 basis points bearing on Axis Bank's CET1 capital ratio

Axis Bank – the third largest private sector lender -- completed the acquisition of the consumer businesses of Citibank India and its non-banking finance arm, Citicorp Finance (India), for a cash consideration of Rs 11,603 crore, less than the earlier estimate of Rs 12,325 crore made at the time of the announcement of the deal last year.

The value of the deal declined as the number of customers who decided to join Axis Bank was lower than what was envisaged earlier. Now, there will be an 18-month integration period during which Citi customers will be migrated to Axis’ technology platforms.