Axis Bank-Citibank deal likely to be completed by March 1

Private sector lender Axis Bank has informed the stock exchanges that the deal to acquire Citibank India’s consumer business and NBFC business of Citicorp is expected to be completed by March 1.

“We now wish to inform you that both parties have made progress on integration and have obtained other requisite customer consents and approvals, as applicable. Based on the progress made till date, we estimate a reasonable possibility of completion of the acquisition by March 1, 2023, which is within the timeline of 12 months indicated earlier by us…” Axis Bank said.

This means by March 1, all the customers, employees and assets of Citi will be transferred to Axis, and the Indian lender will pay the consideration for the acquisition which is Rs 12,325 crore.

After the completion of the deal, there would be a transition period of 18 months during which the Citi customers will migrate to Axis Bank.