Axis Bank has completed the acquisition of Citibank India’s consumer banking business for ?11,603 crore marginally lower than what was announced in March 2022.

• This is due to the attrition seen among Citibank customers during the transfer of operations and jobs to Axis Bank.
• The transaction comprises the sale of credit cards vertical, retail banking, wealth management and consumer loans. With this, Axis Bank’s market share in the credit cards business will jump to 16.2% from 11.4%, with an addition of 1.8 million credit cards.