AZB & Partners advised Citi in the sale of its consumer business to Axis Bank
AZB & Partners acted as the legal advisors for Citibank N.A and Citicorp Finance (India) Limited (collectively 'Citi') in the sales of their respective consumer business undertakings in India to Axis Bank.
With this acquisition, Axis Bank will gain access to Citibank's consumer businesses that include covering loans, Credit Cards, wealth management, and retail banking operations in India.
The Competition Commission of India (CCI) granted approval for the deal on 26 July 2022.
The Press Release by CCI reads, "The proposed combination involves the proposed slump sale by Citi of an undertaking comprising its consumer banking activities to the Acquirer on a going concern basis and the proposed slump sale by Citicorp of an undertaking comprising its consumer banking activities to the Acquirer on a going concern basis."
The value of the transaction is INR 123 Billion / approx. USD 1.6 Billion.
The team from AZB & Partners comprised of Bharat Budholia (Partner) and Gayatri Pradhan (Senior Associate).