Axis Bank Limited – Competition Commission of India’s unconditional approval for acquisition of Citibank’s Consumer Business.
Khaitan & Co Competition/ Antitrust team successfully obtained the Competition Commission of India’s unconditional approval for the transaction in record time. This is one of the largest deals in India’s financial services space, and a large number of complex overlaps (>10) in the business activities of the parties involved in the transaction.
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Axis Bank Limited | Competition Commission of India’s unconditional approval for acquisition of Citibank’s Consumer Business
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NO
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HEADINGS
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DETAILS
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1.
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Sector
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Banking and Finance
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2.
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Announcement Date
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30-Mar-2022
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3.
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Completion Date
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26-Jul-2022
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4.
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Name of Client
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Axis Bank Limited
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5.
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Name and Description of Acquirer / Bidder / Investor
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Axis Bank Limited
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6.
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Name and Description of Target / Seller / Investee
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Citibank, N.A. and Citicorp Finance (India) Limited
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7.
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Deal Description
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The transaction comprises the sale of the consumer businesses of Citibank India to Axis Bank Limited. The deal also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited.
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8.
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Total Consideration
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USD 1.6 Billion
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9.
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Team Members
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The core team consisted of Sagardeep Rathi (Partner), Swati Bala (Principal Associate), Alisha Mehra (Senior Associate), Nilav Banerjee (Associate) and Armaan Gupta (Associate).
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10.
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Role of Firm
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KCAT successfully obtained the Competition Commission of India’s unconditional approval for the transaction in record time. The team expertly navigated numerous business overlaps and was successful in obtaining the CCI’s approval through the simpler Form-I, without requiring a detailed investigation.
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12.
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Unique Feature of Transaction
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One of the largest deals in India’s financial services space, and a large number of complex overlaps (>10) in the business activities of the parties involved in the transaction.
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