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  • Home
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  • DAILY CURRENT AFFAIRS:CitiBank to sell its retail business to Axis Bank in all cash deal

CitiBank to sell its retail business to Axis Bank in all cash deal

Tags: Popular Economics/Business

India’s third largest Private bank Axis Bank will buy the retail business of the American Citibank in India for $1.6 billion(Rs 12,325 crores) in cash.

  • Citibank will sell its retail banking business, credit card business, consumer business of Citi’s non-banking financial company Citicorp Finance (India) Limited.

  • Apart from the institutional banking business, Citigroup in India will now focus on offshoring or global business support rendered from centres in Mumbai, Pune, Bengaluru, Chennai and Gurugram.

  • All the employees of the citibank will be absorbed by the Axis Bank. The deal is expected to be completed by 2023.

  • However the deal is subject to regulatory approval in India.

  • This move of Citibank comes after it announced earlier that it will exit consumer business in 13 countries including India.

  • Citigroup had entered India in 1902 and started the consumer banking business in 1985. The bank has 35 branches in the country and employs about 4,000 people in the consumer-banking space.

Concept clearing 

Retail Banking and Wholesale banking 

Wholesale banking (Institutional  banking )

When banks provide banking services to Government, companies, and other banks ,it is called wholesale banking. 

For eg if Reliance Industries  Ltd. has an account with Axis bank then the banking services provided to it will be classified under the wholesale banking  business of Axis Bank.

Retail Banking

It is the banking service provided by the banks to individuals. It means the banking services like saving account, credit cards loans etc which the bank provides to an individual like us will be called retail banking.

 For example, if Mukesh Ambani has an account with Axis Bank then the banking services provided to Mukesh Ambani will be classified under the retail banking business of Axis Bank.

Important for Exam 

Axis Bank 

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

  • It is the third largest private bank in India after HDFC Bank and ICICI Bank.

Headquarters of Axis Bank : Mumbai, Maharashtra 

Managing Director and Chief Executive Officer : Amitabh Chaudhary. 

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