Axis Bank is acquiring New York-headquartered Citibank’s consumer business in India. The acquisition is subject to customary closing conditions, including receipt of regulatory approvals.

Khaitan & Co represented Axis Bank on the deal.

The team was led by Partners Haigreve Khaitan, Aravind Venugopal, Vidushi Gupta, Supratim Chakraborty along with B. N. Vivek (Principal Associate), Shreya Dua (Principal Associate), Mihir Roy (Principal Associate), Sagarika Chandel (Associate)

Banking Aspects - Siddharth Srivastava (Partner), Mohit Kishore (Principal Associate), Shobhit Bhatta (Associate), Udita Singh (Associate);

Corporate Due Diligence - Neelam Tripathi (Associate) and Neha Thirani (Associate);

Data Privacy aspects - Sumantra Bose (Principal Associate), Tashi Gyanee (Associate);

Employment aspects - Deepak Kumar (Partner), Shabnam Sheikh (Partner), Deeksha Malik (Associate) and Milind Hasrajani (Associate);

Intellectual Property aspects - Shailendra Bhandare (Partner), Sourav Dan (Principal Associate);

Competition Law aspects - Sagardeep Rathi (Partner), Swati Bala (Principal Associate), Alisha Mehra (Associate), Nilav Banerjee (Associate);

Litigation aspects: Kingshuk Banerjee (Partner), Radhika Gupta (Senior Associate), Isha Srivastava (Associate);

Real Estate aspects - Sudheer Madamaiah (Partner), Sapthami DJ (Associate), Basavanagouda Patil (Associate).

AZB & Partners acted for Citi and the the team was led by Managing Partner Zia Mody along with Partners Ashwath Rau, Roxanne Anderson, Gautam Ganjawala and Anand Shah.

Karthik Mudaliar and Lokesh Deshwal were the key senior associates on the deal.

Clifford Chance and Linklaters too advised Citibank on this deal.

The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans.

The deal also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.

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