The sale includes Citigroup’s credit cards, retail banking and other businesses lines, which have a total of about 3,600 employees

Citigroup is selling its Indian retail banking business to Axis Bank for $1.6bn in CEO Jane Fraser’s latest move to streamline the lender’s operations. It represents the bank’s eighth exit from a business in the Asian-Pacific region.

The sale includes Citigroup’s credit cards, retail banking and other businesses lines, which have a total of about 3,600 employees. Citi is keeping its institutional client businesses in India.

Citigroup sells Indian retail arm to Axis Bank in $1.6bn deal

Karishma Vanjani

Citigroup

Axis Bank

Citi

London Stock Exchange fires US employee after video of ‘racist’ altercation

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JPMorgan boss Jamie Dimon to meet chancellor Rachel Reeves ahead of Labour government’s first Budget

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Find out who is on the move in the City and beyond this week

Clifford Chance hires KKR director in London private equity drive

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Magic Circle firm boosts London private equity offering

Proskauer Rose hires Hogan Lovells private equity partner in London

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The announcement comes as USS Investment Management said it won’t bid for the property firm.

KKR Floats $1.97 Billion Non-Binding Offer for London-Listed Assura

KKR Floats $1.97 Billion Non-Binding Offer for London-Listed Property Firm Assura

The U.S. private-equity firm said t decided not to begin a tender offer for the Japanese software company after consulting with Fuji Soft founder Hiroshi Nozawa.

Successful firms are increasingly split between behemoths with several business lines and those focusing on their roots of buying companies.

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The Chinese technology giant has begun tests to integrate homegrown startup DeepSeek’s AI model into its Weixin messaging app.

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Tencent Shares Hit More Than Three-Year High as App Launches DeepSeek Testing

Unicoin bills its token as being backed by billions of dollars in real-world assets, but Biden administration regulators and some crypto executives were skeptical.

By Alexander Osipovich and Caitlin Ostroff

Will Trump’s Crypto Cops Still Police Fraud? This Flashy Startup Poses a Test

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