Axis Bank informed the stock exchanges, NSE and BSE, that the contract to acquire Citibank India’s customer business and NBFC, i.e. Non-banking financial company, commercial of Citicorp, is predictably accomplished by March 1.

“We now request that both parties have made progress and development on the incorporation and have attained other obligatory customer agreements and approvals, as appropriate. Based on the advancement made till the time, we estimate an equitable possibility of achievement of the acquisition by March 1, 2023, which is indoors the timeline of 12 months designated earlier by us,” Axis Bank held in an exchange filing on February 23.

Post conclusion of this agreement, all customers, employees, and assets of Citibank will be transferred to private segment lender Axis Bank, which will wage a deliberation of Rs 12,325 crore for the acquisition.

Furthermore, there would be an evolution period of 18 months during which the Citi customers will wander to Axis Bank after the accomplishment of the deal.