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  • DAILY CURRENT AFFAIRS:CCI clears Axis Bank's proposed acquisition of Citi's consumer biz in India

CCI clears Axis Bank's proposed acquisition of Citi's consumer biz in India

Tags: Economy/Finance

The Competition Commission of India (CCI) has approved Axis Bank's proposed acquisition of Citi's consumer business in India on 26 July 2022. It is one of the largest deals in the country's financial services space.

  • Mergers and Acquisition deals of companies, beyond a certain threshold, require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.
  • In March 2022, India’s third largest private bank, Axis Bank signed an agreement with Citibank of the United States (acting through its India branch) and Citicorp Finance (India) Ltd to acquire Citi's consumer businesses including loans, credit cards, wealth management, and retail banking operations in India.
  • The deal was worth Rs 12,325 crore, and is expected to be completed by September 2024. It will help Axis Bank gain 30 lakhs new customers.

Competition Commission of India (CCI)

  • The Competition Commission of India (CCI) is the chief national competition regulator in India. 
  • It was set up under the Competition Act, 2002
  • It comes under the Ministry of Corporate Affairs.
  • It promotes healthy market competition and prevents activities that have an adverse effect on competition in India. 
  • CCI also approves combinations under the act so that two merging entities do not overtake the market.

Headquarter - New Delhi

Current Chairman - Ashok Kumar Gupta

Axis Bank 

It started its business as UTI bank in 1993. Its name was changed to Axis Bank in 2007.

Headquarters of Axis Bank: Mumbai, Maharashtra 

Managing Director and Chief Executive Officer : Amitabh Chaudhary. 

Tagline: Badhti Ka Naam Zindagi

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