Axis Bank shines on planning to acquire Citigroup's retail banking business in India
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Axis Bank is currently trading at Rs. 755.10, up by 17.55 points or 2.38% from its previous closing of Rs. 737.55 on the BSE.
The scrip opened at Rs. 744.40 and has touched a high and low of Rs. 765.80 and Rs. 741.20 respectively. So far 257996 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 866.60 on 25-Oct-2021 and a 52 week low of Rs. 626.40 on 12-Apr-2021.
Last one week high and low of the scrip stood at Rs. 765.80 and Rs. 715.20 respectively. The current market cap of the company is Rs. 232072.94 crore.
The promoters holding in the company stood at 9.71%, while Institutions and Non-Institutions held 77.65% and 12.64% respectively.
Axis Bank is planning to acquire Citigroup's retail banking business in India. The deal, to be valued at $2.5 billion (about Rs 18,000 crore), will be subject to regulatory approvals.
In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy. The business comprises credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business. Once the deal gets the approvals, the balance sheet size of Axis Bank will expand and the retail segment will witness a significant jump.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
