‘Lifetime Agreement’: Axis Bank Amitabh Chaudhry Cheers Citibank Portfolio Purchase India Portfolio

Bank Axis and Chief Executive Officer Chief Executive Officer Director Chaudhry on March 30 is called the Bank’s steps to acquire the Indian Citibank consumer business as a “lifetime agreement”. Purchases will provide access to Bank Axis to 2.5 million Citibank customer cards and will produce an increase of around 31% to the existing card base.

Transactions will help lenders in increasing the card spent by a market share of 480 basis points, MD said. “Citibank has a free and quality portfolio of nearly 2.5 million cards with the highest monthly expenses per card ...