Khaitan and AZB lead on Axis Bank buying Citibank's consumer business
Khaitan and AZB lead on Axis Bank buying Citibank's consumer business
Law firms Clifford Chance and Linklaters also acted as advisors
Axis Bank is acquiring New York-headquartered Citibank's consumer business in India. The acquisition is subject to customary closing conditions, including the receipt of regulatory approvals.
The transaction comprises the sale of the consumer banking businesses of Citibank India. It includes credit cards, retail banking, and 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. It comprises the asset-backed financing business, including personal loans and commercial vehicle and construction equipment loans.
While Khaitan & Co represented Axis Bank, AZB & Partners acted for Citibank. Law firms Clifford Chance and Linklaters too advised Citibank.
The Khaitan & Co team was led by partners Haigreve Khaitan, Aravind Venugopal, Vidushi Gupta and Supratim Chakraborty. They were assisted by principal associates BN Vivek, Shreya Dua and Mihir Roy and associate Sagarika Chandel.
The AZB & Partners team was led by managing partner Zia Mody along with partners Ashwath Rau, Roxanne Anderson, Gautam Ganjawala and Anand Shah.
