New Delhi: The Competition Commission of India (CCI) today approved the acquisition of Citibank, N.A.’s (Citi) and Citicorp Finance (India) Limited’s (Citicorp) undertakings comprising their consumer banking activities by Axis Bank under Section 31(1) of the Competition Act, 2002.
A detailed order of the CCI will follow.
The proposed combination involves the proposed slump sale by Citi of an undertaking comprising its consumer banking activities to the Acquirer on a going concern basis and the proposed slump sale by Citicorp of an undertaking comprising its consumer banking activities to the Acquirer on a going concern basis.
Axis Bank is a private sector bank listed on BSE Limited and the National Stock Exchange of India Limited. It is a licensed scheduled commercial bank engaged in the provision of retail banking services, commercial and wholesale banking services, and treasury services to customer segments including individuals, micro, small and medium enterprises, agricultural businesses, and corporate businesses.
Citi is a national banking association organised in the USA. Citi’s business offerings are divided into two broad categories–global consumer banking and institutional clients group. Through its global consumer banking division, Citi offers banking and wealth management services to retail customers. In India, Citi is a licensed scheduled commercial bank and offers a full range of consumer and institutional banking products and services.
Citicorp is a public company whose debt securities are listed on a recognised stock exchange, and it is licensed as a systematically important non–deposit taking non-banking financial company (“NBFC”). It offers NBFC business services in India, such as the provision of commercial vehicles and construction equipment loans, etc. As part of its consumer business, Citicorp provides personal loans and asset-backed finance.
– global bihari bureau
