Citi to sell India consumer business to Axis Bank for $1.6 billion
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Citigroup Inc said on Wednesday it would sell its Indian consumer banking businesses to private lender Axis Bank for $1.6 billion, as the U.S. bank exits retail operations in 13 markets. The deal will include the transfer of about 3,600 Citi employees to Axis, and Citi expects the release of about $800 million of allocated tangible common equity after the deal.
