Axis Bank Ltd

Axis Bank – Lost In The Citi

Equity Bottom-Up
154 Views, 20 Jan 2022 09:14
EXECUTIVE SUMMARY
  • 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.
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Thomas J. Monaco
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