Mumbai-based Axis Bank is set to acquire Citigroup’s consumer business. The move follows the US banking giant’s exit from the country as part of a global strategy.Axis Bank yesterday (March 30) announced that the $1.6 billion deal (12,325 crore rupees) to acquire Citibank’s arm, which includes the “credit card business, the wealth franchise, and a set of affluent customers.”The move will boost the Indian lender’s presence in the retail segment. “Deals like these come once in a lifetime,” Axis Bank chief executive Amitabh Chaudhry said.Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.
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