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    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)?
    A ICICI Bank Correct Answer Incorrect Answer
    B HSBC Bank Correct Answer Incorrect Answer
    C AXIS Bank Correct Answer Incorrect Answer
    D Standard Chartered Bank Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    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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