According to two sources with direct knowledge of the matter, Axis Bank has emerged as the frontrunner to buy Citi’s consumer business in India, which is estimated to be valued at around $1.5 billion in a deal planned this month.
Another Indian lender, Kotak Mahindra Bank, is still in the running but has submitted lower bids than Axis Bank and is therefore second in the order of preference to Citi, sources said. Reuters. Axis Bank and Kotak Mahindra Bank did not immediately respond to requests for comment.
Citi India said, “We continue to move forward with our process with respect to our India consumer business sales in line with our comprehensive strategic refresh.”
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