Confident of delivering value on bid for Citi India deal: Axis Bank's Moghe

India's third-largest private lending is purchasing the retail business in a transaction worth Rs 12,235 crore

Axis Bank is confident of delivering value for the price it is paying for Citi’s retail business in India, said Sanjeev Moghe, president & head--cards & payments at the private lender, on Wednesday.

Moghe was replying to a question about recent media reports that the invocation of a ‘clawback’ clause in the deal and a potential reduction in the total payment which Citi would receive because of shrinking customer bases and revenues.

“We are very confident of what we have done diligence on, the price that we have bid on.... I think those parameters don’t change,” Moghe told reporters.

Axis,