ADVERTISEMENT

Axis Bank - Acquisition Synergies To Reap Benefits Over Time: ICICI Direct

Axis Bank - Acquisition Synergies To Reap Benefits Over Time: ICICI Direct

<div class="paragraphs"><p>A pedestrian covering his mouth and nose walks past an Axis Bank Ltd. branch on a near-empty street in Mumbai, India. Photographer Dhiraj SinghBloomberg</p></div>
A pedestrian covering his mouth and nose walks past an Axis Bank Ltd. branch on a near-empty street in Mumbai, India. Photographer Dhiraj SinghBloomberg

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Axis Bank Ltd. proposed to acquire Citibank’s India consumer business from Citibank NA and non-banking financial company consumer business. The acquisition is subject to customary closing conditions, including receipt of regulatory approvals.

The total purchase consideration will be up to Rs 12,325 crore (in all cash deal). The integration process will be completed in Q4 FY23.

Common equity tier-I is expected to decline ~230 basis points to 13%. Additional deposits of Rs 50200 crore (of which 81% is current accounts and savings account) are expected to be added in Axis Bank’s balance sheet raising deposits by 7% and overall advances by 4%.

Wealth assets under management of Rs 1,10,900 crore to be acquired from Citi Wealth and Private Banking.

Click on the attachment to read the full report:

ICICI Direct Axis Bank Company Update.pdf

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.