AXBKY Axis Bank Limited (PK)

By Colin Kellaher

Citigroup Inc. on Wednesday said it agreed to sell its consumer businesses in India to Axis Bank Ltd. as it continues to reshape its operations in the Asia-Pacific region.

The New York financial-services giant said it will receive about $1.6 billion in cash from the sale, which includes the consumer banking businesses of Citibank India and the consumer business of Citi's nonbanking financial company, Citicorp Finance (India) Ltd.

Citigroup said roughly 3,600 employees will transfer to Mumbai-based Axis as part of the deal, expected to close in the first half of next year.

The transaction marks the latest in a series of divestitures as Citigroup shrinks its international retail footprint to focus more on serving businesses and affluent clients. Citigroup said the Axis deal doesn't include its institutional-client businesses in India, adding that it remains committed and focused on serving institutional clients in India and around the world.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 30, 2022 06:34 ET (10:34 GMT)

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