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Citi agrees to sell its India retail footprint to Axis Bank for $1.6B

March 30, 2022

India marks the ninth market from which Citi has solidified its retreat in the past 12 months. The bank laid out a strategy last April to exit from retail operations in 13 markets, concentrating instead on four hubs with higher returns: London, Singapore, Hong Kong and the United Arab Emirates.

Citi has found buyers in eight — and India’s, so far, stands as the most lucrative deal. The bank is still looking to spin off its retail presence in China, Poland, Bahrain and Russia — although the latter may prove problematic given the sanctions Western nations have imposed on the country since its invasion of Ukraine last month.

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