Axis Bank set to buy Citigroup’s India retail banking business

Axis Bank Ltd. is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion. An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of India.

The deal would include a cash component of less than $2 billion, accounting for the consumer business’s liabilities.

Axis Bank CEO: Amitabh Chaudhary.