Citi India on Wednesday, March 30 announced that private lender Axis Bank will acquire the group’s retail assets in India for an amount of $1.6 billion. The Axis-City merger was being anticipated as the US lending company announced its exit from the country in April last year. Under the agreement between Axis Bank and Citi India, the former will acquire the foreign company’s consumer business in the country through payments linked to the milestone. City India’s announcement comes after the media reported earlier in the day regarding the development.
Under the agreement, Citigroup will transfer 3,600 of its employees to Axis Bank. The private lender is set to hold a press conference shortly after market hours
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