Question
Which private sector bank in India has acquire
Citibank’s India consumer business for an amount of USD 1.6 billion (Rs 12,325 crores)?Solution
Citigroup has announced that Axis Bank will be acquiring Citibank’s India consumer business for an amount of USD 1.6 billion (Rs 12,325 crores). This transaction will be including Citibank India’s consumer banking businesses, which include retail banking, credit cards, consumer loans, and wealth management. It includes the sale of Citibank’s non-banking financial company consumer business. It is an exchange of assets or a single asset for cash and no other monetary means, such as exchange of stocks or financing are used.
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