Axis Bank has completed its ₹11,603 crore acquisition of Citibank’s India Consumer Business from CBNA and the NBFC Consumer Business from CFIL as going concerns. 

Accordingly, the businesses of CBNA and CFIL stand transferred to Axis Bank, and the bank becomes the owner of Citibank’s India Consumer Business and NBFC Consumer Business effective today, per the bank’s regulatory filing.

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This is subject to and under the agreed contractual documentation requirements and settlement of consideration.

Given the transaction structure, the aforesaid cash consideration (₹11,603 crore) along with any true up or true down shall be accounted for as goodwill and other intangibles, which will be entirely amortised for accounting purposes in FY2023, the bank said.

This acquisition, which is without values being assigned to individual assets and liabilities for either business, shall happen on March 1, 2023, according to the filing.

The cash consideration for the acquisition based on the contracted computation of the closing position of assets, assets under management and liabilities as at January 31, 2023 stands at ₹11,603 crore, the bank said.

The cash consideration is subject to contractual and customary true up and/or true down adjustments and changes in the business position from January 31 to February 28, 2023.

The bank said will complete the post completion action items as contractually agreed as per mutually agreed timelines.