Under the Rs 12,325 crore deal announced on March 30, Axis Bank will acquire Citi’s credit card, personal loan and wealth management businesses that are focused on the affluent class.
In a tweet on Tuesday, the regulator said it has “approved the acquisition of the undertakings of Citibank, NA and Citicorp Finance (India) Limited for their consumer banking activities by Axis Bank”.
Deals above a certain threshold require approval from the Competition Commission of India (CCI), which monitors unfair trade practices across sectors.
In March, Axis Bank and Citi signed a definitive agreement for the deal, which is expected to be completed by September 2024 and will help Axis Bank reach 3 million new customers.
The parties involved in the deal are
Citibank, NA (working through its India branch) and Citicorp Finance (India) Ltd.
“The transaction includes a proposed recession sale by Citi of an undertaking, which involves its consumer banking activities to a consumer, and a proposed slowdown sale by Citicorp of an undertaking, which includes its consumer banking activities, to a consumer. As per summary of transactions available on CCI website.