Axis Bank has emerged as the front runner to buy Citi’s consumer business in India, which is being valued at about $1.5 billion in a planned deal that’s likely to happen this month, according to two sources with direct knowledge of the matter.
Another Indian lender, Kotak Mahindra Bank is still in the race but has submitted a lower bid than Axis Bank and so ranks second in Citi’s order of preference, the sources told Reuters. Axis Bank and Kotak Mahindra Bank did not immediately respond to requests for comment.
“We continue to move forward with our process with respect to our India consumer business sale in accordance with our broader strategic refresh,” said Citi India.
