Citibank India

This deal will have a 177 basis points bearing on Axis Bank's CET1 capital ratio

Bagree will report to Citi India's CEO Ashu Khullar and Citi's Asia Pacific head of markets, Julia Raiskin

In March 2022, Axis Bank said it would purchase Citi's retail business in a transaction worth Rs 12,235 crore

India's third-largest private lending is purchasing the retail business in a transaction worth Rs 12,235 crore

In this exclusive interview with Tamal Bandyopadhyay, Citi Asia Pacific CEO Peter Babej explains why his bank has chosen to sell its retail business in India and what it plans for the future

In a span of almost four years, Citibank has lost 600-basis points (bps) in spends market share.

If the customers agree to Axis managing their business, their accounts, credit cards and other business will change over, else the relationship will terminate and they can exit with their deposits

The Indian lender emerged as the buyer after beating out rivals, with factors such as job security for current Citigroup employees and competition.

From crypto concerns to policy normalisation, deposit insurance, Shaktikanta Das' reappointment as RBI governor and Citi's India exit, here are the key developments in for the financial sector in 2021

It's a strategic decision by Citigroup's new CEO, not a reflection on its India operations. Regulators' displeasure and investors' ire are behind it

Increased rivalry from domestic lenders, especially in consumer financing, and competition for top talent contribute to challenges.

Among its various business verticals, analysts say Citi's credit card business will be most sought after by suitors

This is part of the bank's global strategy

Chowdhry will manage the domestic retail banking, wealth management, credit cards, loans and mortgages

A filmmaker has accused Citi India of 'picking up' his idea for their advertisement. But the production house has denied this vehemently and threatened legal action

The final bidder is expected to be announced by next week, the source added. Two international property consultancies, CBRE and JLL, are handling the process

Khullar, a graduate from the Indian Institute of Management, Ahmedabad, is a career Citibanker, having worked with the organisation since 1988

The US-based Citibank has been operating in India for over 115 years

Most investors remain worried over absolute returns, owing to rising interest rates, crude oil prices and upcoming elections, Says Citibank

Among the key metrics, the bank's net NPAs remained unchanged at 0.5 per cent of the net advances as on March 31, 2018