Axis Bank Limited (BSE:532215) signed an agreement to acquire NBFC Consumer Business of Citi bank from Citicorp Finance (India) Limited on March 30, 2022. NBFC Consumer Business includes the commercial vehicle and construction equipment asset backed financing facilities, assigned asset backed financing portfolio, personal loans portfolio, servicing of assigned mortgages loan portfolio (collectively the “CFIL Undertaking”) as a going concern, without values being assigned to individual assets and liabilities. The amount of gross revenue of CBNA in India for FY 20-21 was INR 161.5 billion. In a related transaction, Axis Bank will acquire consumer business from Citicorp Finance (India) Limited. The cost of acquisition of the CBNA Undertaking and the CFIL Undertaking is INR 1.23 trillion. The transaction is subject to approval from the Competition Commission of India. Additionally, approval from other governmental authorities may be required for certain transitional services. Post Closing, Sellers or Seller affiliates to provide requisite support and services to be covered under a Transition Servicing Agreement for a period of ~18 months as well as Citi brand continuity during this period for smooth transition and integration of the business with Axis Bank's platform. The board on Axis Bank and Citi bank has approved the transaction. Closing is expected to be achieved in Q4FY23. Axis Capital and Credit Suisse acted as Financial Advisors to Axis Bank for the transaction, and Khaitan & Co acted as Legal Advisor. In addition, the Bank was supported by PricewaterhouseCoopers and Boston Consulting Group. Citigroup Global Markets India Private Limited acted as a Financial Advisors, Clifford Chance Business Services Private Limited, Linklaters LLP and AZB & Partners acted as a legal advisor , Ernst & Young Private Limited, Investment Banking Arm is supporting Citi Bank for the transaction.

As of July 25, 2022, the transaction has been approved by the Competition Commission of India.

As on February 23, 2023 both Parties have obtained other requisite customer consents and approvals, as applicable. The transaction is expected to complete by March 1, 2023 , subject to satisfactory completion of the customary and contractual conditions.