Axis Bank Nearing Deal To Buy Citigroup’s India Retail Unit

Axis Bank Ltd. is nearing a deal to buy Citigroup Inc.'s India retail banking business in a transaction that could be valued at about $2.5 billion, Bloomberg has reported citing people familiar with the matter said.

"An agreement for the consumer unit may be announced as soon as the next few weeks and is contingent on approval from the Reserve Bank of India, the people said, asking not to be identified as the information is private," the Bloomberg report said.

Shares in Axis Bank were last seen trading 2.44% lower at Rs 783. However, this may have nothing to do with the deal and more of market sentiments, which were weak following worries of a likely invasion by Russia of Ukraine.