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Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>
Axis Bank (AXSB.IN) [Axis] has become the frontrunner to purchase Citigroup’s (C.US) India [Citi India] consumer business; </li>
<li>The Citi India transaction would represent a negative adjusted net spread of 41 bp for Axis – intimating a negative return on investment of 1.0%; and </li>
<li>As many customers have hit the exit button, we have already witnessed Citi India's retail loan portfolio decline 6.7% YOY prior to FY 2022 COVID-19 protocols. </li>
</ul>



Axis Bank (AXSB.IN) [Axis] has become the frontrunner to purchase Citigroup’s (C.US) India [Citi India] consumer business; 
The Citi India transaction would represent a negative adjusted net spread of 41 bp for Axis – intimating a negative return on investment of 1.0%; and 
As many customers have hit the exit button, we have already witnessed Citi India's retail loan portfolio decline 6.7% YOY prior to FY 2022 COVID-19 protocols. 


Axis Bank Ltd

Axis Bank – Lost In The Citi