The share price of Axis Bank has increased almost by 6.19% to Rs 761.39 in the last one week. Citigroup Inc. on Wednesday, March 30, 2022, said it has entered into an agreement to sell its Indian consumer banking business to Axis Bank Ltd.
Axis Bank is about to acquire Citibank’s Indian retail consumer business for $1.6 billion. Through this deal, Axis Bank will acquire Citibank’s credit card business, consumer loan segment, wealth management business, and retail banking segment.
Citibank has around 2.5 million credit card customers whose average spending is almost 66% higher than axis bank credit card users. Citibank customers spend more, which can be taken advantage of by axis bank.
In Wealth Management, Citibank has almost 1.1 Lakh Crore worth of assets under management, and access to Citi clients will bring significant cross-selling opportunities to Axis Bank.
Apart from this, Axis Bank will also get access to Citibank’s deposits worth Rs 50200 crore. This deposit has a 73% savings account and the overall class (current and saving account) ratio is 81% which is very lucrative. It is expected to conclude in the next 9 to 12 months.
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Axis Bank share price – Financials
|52 Week High||866.90|
|52 Week Low||626.65|
|Mkt Cap (Rs. Cr.)||233,653|
|Book Value Per Share||338.04|
|Net Profit 2021 (Rs. Cr.)||7,252|
|Net interest margin (NIM) (2021)||2.94|
|Revenue 2021 (Rs. Cr.)||64,696|
|Dividend/Share (INR) (Mar 2021)||0.00|
|Promoters holding (Dec 2021)||9.71%|
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This article is only for education purpose and the author has his own views and research, so if you invest in these stocks/forex/Virtual Digital Asset then do it at your own risk and do the research yourself before investing.
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FAQs about Axis Bank
52 Week low of PVR share is Rs 626.65 while 52 week high is Rs 866.90
The market cap of PVR is Rs 233,653 crore.
Citigroup Inc. on Wednesday, March 30, 2022, said it has entered into an agreement to sell its Indian consumer banking business to Axis Bank Ltd.
Axis Bank acquires Citibank’s Indian retail consumer business for $1.6 billion.