AXIS Bank receives CCI nod for acquisition of Citibank's India business

AXIS Bank Ltd had earlier announced about the purchase of the Citibank's India Consumer Business from Citibank N.A. (acting through its branch in India) ("CBNA") and the NBFC Consumer Business from Citicorp Finance (India) Limited ("CFIL") , subject to fulfilment of specific conditions and obtaining requisite approvals.

The bank has now received intimation from the Competition Commission of India vide its letter dated July 26, 2022, that the combination has been considered and approved at its meeting held on July 25, 2022.

Shares of Axis Bank Limited was last trading in BSE at Rs. 706.35 as compared to the previous close of Rs. 728.20. The total number of shares traded during the day was 404624 in over 8587 trades.

The stock hit an intraday high of Rs. 726.50 and intraday low of 702.15. The net turnover during the day was Rs. 287496507.00.

Source : Equity Bulls

Keywords

AxisBank INE238A01034 CCI Approval CitibankIndia ConsumerBusiness Acquisition