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HDFC Securities Institutional Equities
Axis Bank Ltd. announced the acquisition of Citibank’s cards, consumer lending, and wealth businesses in a transaction that is likely to be closed over the next nine-12 months.
At an acquisition cost of $1.6 billion, while the deal appears to be a bargain for Axis Bank, the accretion from Citi’s portfolio over the medium term is contingent on a host of factors including retention of existing customers, Axis Bank’s ability to continually add customers of such profile and its ability to up-sell and cross-sell.
Although the Citibank transaction adds significant heft to Axis Bank’s competitive positioning across cards and wealth management businesses, we believe that Axis Bank will need to up its game in order to create sustainable from the Citibank portfolio.
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