The eighth deal announced the sale of Citi in Asia Pacific region since the announcement of the strategy update
Mumbai, India, March 30, 2022– (BUSINESS WIRE) – CITI TODAY announced He has reached an agreement with Axis Bank Limited (Axis) for cuts of Consumer companies in Citi in India. Axis was selected by Citi after an extensive and competitive auction process.
The transaction consists of selling of Consumer Banking of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans. Deal also sale included of Consumer business of Citi’s non-banking financial A company, Citicorp Finance (India) Limited, consisting of asset backed financing business which includes commercial vehicle and construction equipment loans, as well as a personal loan portfolio. Excludes Citi . institutional client companies in India; CITI remains Committed and focused on Corporate Customer Service in India and the world.
Will the deal also Involving nearly 3,600 employees at Citi supporting Consumer Business in India, who You will move to the hub when finished of proposed transaction. Axis will pay Citi cash consideration of Approximately 1.6 billion US dollars for acquisition of Consumer business subject to the usual closing adjustments.
The deal is expected to close in The first half of Calendar year 2023 subject to requirements regulatory approvals. this is announcement he just start of Practical, and while there will be a transition, Citi will do ensure to be done in in a smooth way as possible with Obligatory notice. There will be no immediate effect on Services for customers of Consumer companies in Citi in India.
At closing, Citi expects the deal result in Version of About 800 million US dollars of custom concrete common the financial value. as it was before announced Citi global Exiting Personal Banking Privileges in 13 markets across Asia, Europe, Middle East and Africa, expected to export nearly US$7 billion of custom concrete common the financial value over time.
Peter Bebge, CEO of Citi Asia Pacific, said, “We have announced Transaction with Axis, leader in Indian financial Services, represents the importance milestone for Our franchise provides an excellent opportunity for our banking customers colleagues in India. as we are move forward with This deal, India remains a key institutional market for Citi. in layout with Our broader strategic repositioning, we will continue support Our institutional clients in This kernel market And across the Asia Pacific, presenting full power of for us global network to enable them growth. ”
Citi was there in India since 1902 a banker of Cucumber for large and medium-sized companies, financial Multinational corporations and corporations operating in Country. she has market leading Corporate Bank in India is the largest in your father. Serves Citi over 2000 international companies in India and more than 300 large domestic companies and financial institutions. Helps companies raise capitaldebt and equity) and providing financing solutions in addition to work with they on risk Management and banking transactions. Citi actively participates in various government Initiatives, including action with Our clients channel foreign capital through FDI investments under the PLI (Performance Linked Incentive) scheme. of Government of India, as well as FII/FPI is flowing into the country.
“We are very happy with this result for our consumer colleagues and clients. Axle is committed to building Consumer Banking business in India supports a strong country market Presence. We believe Axis will provide our employees with an excellent advantage environment to build Their jobs will satisfy all financial Need of Our consumer customers . said Titi Koll, CEO of Old Citi franchises.
“This is a positive result for Our employees and our priority were on secure them future. keep going remain Committed to contributing to India growth And the development As we deepen our presence through our corporate businesses and companies community initiatives. will citi also Continue to harness the rich talents of India pool in Regions of Technology, Operations, Analytics, Finance and associated functional areas through network of Existing Citi Solution Centers in five cities in India and support for us global Citi India CEO Ashu Khullar said.
Physical presence in 95 countries Citi working closely with global clients, attracting both FDI inflows and portfolio FDI and presenting India as key global destination of the supply chain, while facilitating investments in the country via asset layers. Citi is a partner of its customers digital and ESG excursions with Customized solutions, that in turn support Inclusion and sustainability.
K leading investment bank for over 15 years in India, in 2021 alone, helped Citi rise over 29 billion US dollars of across the capital over 40 shares and debt Transactions and provided strategic merger and acquisition advisory on Seven announced Transactions up to over 5 billion US dollars. Citi also treats 8% of India trade flows and 5% of Electronic payments flows in the country. Citi supports foreign portfolio investors in acquiring them access For Indian markets – manage about a third of their activities in India as a guardian.
Citi’s Banking, Capital Markets and Advisory Group act as an exclusive financial Citi. Consultant in respect of Deal.
About Citi
Citi, the leading global bankIt has nearly 200 million customer accounts and it is business in more from 160 countries and judicial authorities. Citi provides customers, businesses, governments and organizations with abroad range of financial Products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
additional information maybe found At www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
certain data in This version isforwardGaze phrases “within meaning” of US Securities Litigation Reform Act of 1995. These data are based on Administration current Forecasts are subject to uncertainty and changes in Circumstances. These statements are not guarantees of future results or repetitions. actual results capital, etc financial Condition may differ materially from those listed in These statements due to a variety of Factors. These factors include, among others, successful selling of Consumer business in India, including within the projected time frame, macro and local economy market Conditions, consumer preferences, and cautionary statements included in This version. These factors also made up of those contained in Citi. deposits with The US Securities and Exchange Commission, including but not limited to the “Risk Factors” section of CITIZ Model 10-K 2021. Any forward- see the data made by on On behalf of Citi only talks about the history they are in made and Citi does not undertake to do so update forward- Phrases looking to reflect the impact of conditions or events that arise after the date forward- You see the data was made.
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Contacts
The media:
James Griffiths, Asia Pacific
852-2868-7668
james.a.griffiths@citi.com
Daniel Romero Apsilos, New York
212 816 2264
danielle.romeroapsilos@citi.com
Investor contact:
Jennifer Landis
212-793-2014
jennifer.am.landis@citi.com
