Axis Bank Ltd.

Axis Bank has emerged as the highest bidder to buy Citibank’s consumer banking business. The valuation could be around $2 billion (about Rs 13,000 crore). The final valuation will be linked to the number of variables including the quantum of deposits, customers, the quantum of assets and liabilities moving from one franchise to another once all regulatory clearances come through.

Citibank in April had announced its plan to exit from the consumer banking business in India as part of a global strategy. The business comprises credit cards, retail banking, home loans and wealth management.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.