CURRENT AFFAIRS

Detailed explanation-1: -Axis Bank Ltd on Wednesday agreed to buy Citibank’s consumer business in India for ₹12,325 crore ($1.6 billion) in cash, a move that will boost the Indian lender’s presence in the retail segment.

Detailed explanation-2: -Citi today announced that it has reached an agreement with Axis Bank for the sale of Citi’s consumer businesses in India. Axis was selected by Citi following an extensive and competitive auction process, it said.

Detailed explanation-3: -Axis was selected by Citi following an extensive and competitive auction process. The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.

Detailed explanation-4: -Axis Bank-Citibank deal explained: Axis Bank is acquiring Citibank’s consumer businesses for Rs 12,325 crore.

Detailed explanation-5: -Axis Bank MD & CEO Amitabh Chaudhry.