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CCI Approves Axis bank proposed acquisition of Citi’s Consumer Business

Published on July 26, 2022
Current Context: Competition Commission of India (CCI) approved Axis bank's acquisition of Citi Banks' consumer business in India.
CCI Approves Axis bank proposed acquisition of Citi’s Consumer Business
  • In the deal worth Rs 12,325 crore, Axis bank will take over Citi bank's credit cards, personal loans, and wealth management business.
  • Axis bank and Citi bank had signed an agreement for the deal in March, which will be completed by September 2024. Through this deal, axis bank will gain access to 30 lakh new customers.
  • The parties in the deal are Axis bank Ltd, Citibank N.A(acting through its Indian branch), and Citicorp Finance (India) Ltd.
  • The transaction involved the slump sale by Citi of an undertaking comprising its customer banking activities to the acquirer on a going concerns basis and the sale by Citicorp of an undertaking comprising its customer banking activities to the acquirer on a going concern basis.
  • In order to keep avoid unfair business practices, deals above a certain threshold require the approval of the Competition Commission of India(CCI).
  • Static Knowledge:
    • Chairman of Axis bank - Rakesh Makhija
    • MD and CEO of Axis bank - Amitabh Chaudhry
    • Axis bank headquarters - Mumbai
    • Axis bank was formed - in 1993

Questions: 

Q.1 Which bank will take over Citibank’s consumer business in India?
a. HDFC bank
b. Axis bank
c. ICICI bank
d. Yes bank

Q.2 Recently, CCI (Competition Commission of India) approves Axis Bank's Rs. __________ crore acquisition of Citi Bank's consumer banking business in India.
a. Rs. 13,425
b. Rs. 12,876
c. Rs. 12,325
d. Rs. 13,345
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