Axis Bank Limited (BSE:532215) is close to acquiring retail banking business of Citigroup Inc. (NYSE:C) in India and a deal is likely to be announced soon, sources said on March 30, 2022. According to the sources, the deal, to be valued at $2.5 billion (INR 180 billion), will be subject to regulatory approvals. The business comprises credit cards, retail banking, home loans and wealth management.

The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business. Once the deal gets the approvals, the sources said the balance sheet size of Axis Bank will expand and the retail segment will witness a significant jump. An e-mail sent to Axis Bank seeking comments on the proposed deal did not elicit any response immediately.