|Bid||652.05 x 0|
|Ask||652.25 x 0|
|Day's Range||641.45 - 655.50|
|52 Week Range||285.00 - 800.00|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||107.23|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||666.77|
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Citigroup Inc. said Wednesday it has reached an agreement to sell its India consumer banking businesses to Axis Bank Ltd. for $1.6 billion in cash. The deal is expected to close in the first half of 2023 and to include 3,600 employees who will transfer to Axis Bank. The businesses involved include credit cards, retail banking, wealth management and consumer loans. It also includes the sale of the consumer business of Citi's non-banking financial company, Citicorp Finance (India) Limited, compose
MUMBAI (Reuters) -Indian private lender Axis Bank has decided to bulk up its credit card and retail businesses with a $1.6-billion purchase of Citigroup Inc's local consumer banking arm. The deal announced https://www.bseindia.com/xml-data/corpfiling/AttachLive/83190dcd-4ae6-45f4-b3fa-8d39d91a4aa6.pdf on Wednesday is Axis Bank's largest by far and would expand its credit card customer base by 31%, narrowing the gap with the third-biggest player ICICI Bank. "The acquisition strengthens our market position, reduces gap in key segments with peers and provides opportunity to accelerate retail business growth," Amitabh Chaudhry, managing director and CEO of Axis Bank, said at a press conference.
Axis Bank has emerged as the frontrunner to buy Citi's consumer business in India, which is being valued at around $1.5 billion in a planned deal that's likely to happen this month, according to two sources with direct knowledge of the matter. Another Indian lender, Kotak Mahindra Bank is still in the race but has submitted a lower bid than Axis Bank so ranks second in Citi's order of preference, the sources told Reuters. Axis Bank and Kotak Mahindra Bank did not immediately respond to requests for comment.