Personal loan axis banks may be the highest bidder for the Indian Citibank retail business, CNBC TV 18 reported Sources by quoting on December 20.

The axis tends to attack the agreement of all cash for Indian Citi retail assets, which can be worth $ 1.5 billion to $ 300-400 million payment of milestones depending on future performance, the news channel learned from people who are familiar with developments.

Citi, reacting to CNBC TV18 report which shows that the axis can lead the acquisition race, say: “We continue to move forward with our process with respect to our Indian consumer business in accordance with our broader strategic refreshment.”

The axis has not issued a statement when this report is published.

The news came in the middle of a report that claimed that the Mahindra Bank and Bank Indusland box, apart from Axis Bank, was in a race to acquire the Indian Citi retail business involving more than 2.5 million customers and more than 1.2 million bank accounts.

On December 7, a report in the economic period claimed that the Mahindra Bank and Axis Bank box had emerged as the top competitor to reach an agreement. The report, citing the source, the word box is more “aggressive” between the two bidders.

The agreement is likely to be a cash of less than $ 2 billion, the source has told publications.

In particular, Citibank runs a favorable franchise in India and has a loan book Rs 68,800 Crores in March, 2021, where RS 28,000 Crore is a retail loan. This mainly includes cards, mortgages and personal mortgages, said reports released by the CLSA investment group on September 8.

Citibank is the sixth largest card publisher with a 4.2 percent market share in the card issued, the report was added. According to CLSA estimates, Citibank can have a credit card book around Rs 9,000 Crore.

On April 16, Citi said it would come out of consumer / retail operations in 13 countries in Asia and Europe. 13 Countries include Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam.

Citi consumer business in India consists of credit cards, retail banking, home loans and wealth management. The bank has 35 branches in this country and employs 4,000 people in the consumer banking business. It has a 0.6 percent market share in progress and 1.1 percent in deposits, along with 2.58 million credit cards circulating, on October 2021.