Axis Bank Completes Acquisition Of Citibank's India Consumer Business, Stock Jumps 2%

Shares of Axis Bank rebounded on Wednesday after crashing 1.24% on Tuesday.

What Happened: The private bank on Wednesday informed the exchanges that it had completed the acquisition of Citibank's India Consumer Business from CBNA and the NBFC Consumer Business from CFIL. The private lender in a regulatory filing said that the total cash consideration for the transaction stood ₹11,603 crore.

With this acquisition, Axis Bank will get ownership of the international bank’s seven offices, 21 branches, and 499 ATMs across 18 cities. The acquisition will also 30 lakh unique customers to the bank’s books.

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The lender welcomed its new customers with a tweet stating, “finding the familiar in the new, is a wonderful thing. Welcome to a dil se open world that feels less new, more you.”

The Bank in a statement also informed customers that their Bank account number, Debit Card/ Credit Card numbers, cheque books, IFSC, and MICR codes will all remain the same.

The multinational bank announced the sale of its India business including its consumer banking business, wealth management, and loans to Axis Bank last year.

Price Action: Shares of Axis Bank were up 2.05% to trade at ₹861.10 in the early hours of trading on Wednesday.

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Posted In: Acquisitions, Mergers, TakeoversAxis BankBanking StocksCitibankCitigroup