BENGALURU (Reuters) – Citigroup Inc said on Wednesday it would sell its Indian consumer banking businesses to private lender Axis Bank for $1.6 billion, as the U.S. bank exits retail operations in 13 markets.
The deal will include the transfer of about 3,600 Citi employees to Axis, and Citi expects the release of about $800 million of allocated tangible common equity after the deal.
The sale excludes Citi’s institutional client businesses in India, it said in a filing.
The deal is part of Citi CEO Jane Fraser’s plan to revamp the lender by exiting retail banking operations in 13 countries and focusing on its more lucrative institutional and wealth management businesses.
(Reporting by Chris Thomas in Bengaluru; Editing by Maju Samuel and Aditya Soni)
