Top private banks including HDFC Bank, Axis Bank, IndusInd Bank and Kotak Mahindra Bank are in the race for buying out Citigroup's retail business in India, said a report.

Singapore-based DBS Bank is also among the top contenders to take over Citigroup's estimated $2-billion retail business in India, according to an Economic Times report.

In April this year the US banking major Citigroup had announced its exit from the consumer banking business from 13 countries across Asia and Europe, including India. The move, according to the group, is a part of a global strategy to focus on institutional business.

Citibank started its operations in India in 1902. As of March 2020, it had 2.9 million retail customers in India with 1.2 million bank accounts and 2.2 million credit card accounts. The bank reported a net profit of Rs 4,918 crore in the financial year ending March 2020.

In March 2020, Citibank had 35 branches in India. The bank had advances aggregating to Rs 66,507 crore and deposits worth Rs 157,869 crore.

When asked about the prospective buyers, a Citi spokesperson told ET, "We have seen strong interest in our consumer business... As with deals of this nature, the likely transaction process will customarily take place over several months and will require interaction with a wide range of interested buyers."

However, the report maintains that none of these banks have confirmed to be in talks for buying Citigroup's business. While HDFC Bank, Axis Bank, and IndusInd Bank did not respond to queries, Kotak Mahindra Bank declined to comment.

Meanwhile, the spokesperson of the DBS Bank told ET, "From time to time, we evaluate potential bolt-on opportunities in markets where we are active, we do not comment on the specifics of any particular opportunity."

First Published:Aug 10, 2021 10:12 AM IST