The sale includes Citigroup’s credit cards, retail banking and other businesses lines, which have a total of about 3,600 employees

Citigroup is selling its Indian retail banking business to Axis Bank for $1.6bn in CEO Jane Fraser’s latest move to streamline the lender’s operations. It represents the bank’s eighth exit from a business in the Asian-Pacific region.

The sale includes Citigroup’s credit cards, retail banking and other businesses lines, which have a total of about 3,600 employees. Citi is keeping its institutional client businesses in India.

Citigroup sells Indian retail arm to Axis Bank in $1.6bn deal

Karishma Vanjani

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