Khaitan & Co obtains CCI’s unconditional approval for Citibank’s Consumer Business acquisition by Axis Bank Ltd

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.

Axis Bank Limited | Competition Commission of India’s unconditional approval for acquisition of Citibank’s Consumer Business

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HEADINGS

DETAILS

1.

Sector

Banking and Finance

2.

Announcement Date

30-Mar-2022

3.

Completion Date

26-Jul-2022

4.

Name of Client

Axis Bank Limited

5.

Name and Description of Acquirer / Bidder / Investor

Axis Bank Limited

6.

Name and Description of Target / Seller / Investee

Citibank, N.A. and Citicorp Finance (India) Limited

7.

Deal Description

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.

8.

Total Consideration

USD 1.6 Billion

9.

Team Members

The core team consisted of Sagardeep Rathi (Partner), Swati Bala (Principal Associate), Alisha Mehra (Senior Associate), Nilav Banerjee (Associate) and Armaan Gupta (Associate).

10.

Role of Firm

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.

12.

Unique Feature of Transaction

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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