Axis Bank surges on emerging as highest bidder for Citibank’s consumer banking business

Axis Bank is currently trading at Rs. 672.00, up by 6.05 points or 0.91% from its previous closing of Rs. 665.95 on the BSE.

The scrip opened at Rs. 673.50 and has touched a high and low of Rs. 676.60 and Rs. 667.80 respectively. So far 126045 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 866.60 on 25-Oct-2021 and a 52 week low of Rs. 568.45 on 22-Dec-2020.

Last one week high and low of the scrip stood at Rs. 721.85 and Rs. 660.35 respectively. The current market cap of the company is Rs. 205898.07 crore.

The promoters holding in the company stood at 11.64%, while Institutions and Non-Institutions held 76.70% and 11.66% respectively.

Axis Bank has emerged as the highest bidder to buy Citibank’s consumer banking business. The valuation could be around $2 billion (about Rs 13,000 crore). The final valuation will be linked to the number of variables including the quantum of deposits, customers, the quantum of assets and liabilities moving from one franchise to another once all regulatory clearances come through.

Citibank in April had announced its plan to exit from the consumer banking business in India as part of a global strategy. The business comprises credit cards, retail banking, home loans and wealth management.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

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