The sale, which Citigroup and Axis first announced in March 2022, includes credit cards, retail banking, wealth management and consumer loans, as well as the transfer of around 3,200 Citigroup employees. The transaction is expected to result in a regulatory capital benefit of $1.4 billion, the firm said in a statement.

Although Citigroup's institutional client businesses in India are excluded from the sale, the bank said that it remains focused on serving institutional clients in India and globally.

Citigroup said it had completed the sale of its retail banking and consumer credit card businesses in Vietnam to the UOB Group. Since announcing its intention to exit consumer banking across 14 markets in Asia, Europe, the Middle East and Mexico as part of its strategic refresh, Citigroup said it has signed sales agreements in nine markets and has now closed sales in seven markets including Australia, Bahrain, Malaysia, the Philippines, Thailand and Vietnam, and India. 

The US bank previously announced a wind down of its consumer business in China and Korea, and that the wind down of its overall presence in Russia is in progress.

Peter Babej, Citi Asia Pacific CEO, said: "India remains a critical institutional market for Citi. In line with our broader strategic repositioning, we will continue to support our institutional clients in this core market and across APAC, delivering the full power of our global network to enable their growth."

Citigroup chief executive of Legacy Franchises, Titi Cole, added: “Completing this landmark sale in India is a key milestone for Citi as we execute on our firm’s strategy refresh.”