Axis Bank will acquire Citibank India's consumer business for $1.6 billion
The deal will include Citibank's retail banking, wealth management and consumer loans
Axis Bank will also buy Citibank's lucrative credit card business of around 2.5 million cards
However, Citibank's institutional client services will not be part of the deal
This sale is a part of Citibank's exit from the consumer franchises in 13 markets, including India
Axis Bank outbid competitors like Kotak Mahindra Bank for the deal
Axis Bank's share price ended 1.7% higher at ₹750.45
Also Read: CitiBank To Exit Consumer Banking In India: All You Need To Know