DBS Bank in ‘advanced’ talk with Citibank to acquire Citi’s consumer banking business in India

According to reports, DBS Bank India is currently in ‘advanced’ talk with Citibank to acquire Citi’s consumer banking business.

“Talks with DBS Bank are at an advanced stage and they are keen to take up the entire consumer banking operation,” stated a person familiar with the development.

Citi declined to comment on the acquisition by DBS. However, DBS told the media, “At this juncture, the details are still unclear. However, we have always been open to exploring sensible bolt-on opportunities in markets where we have a consumer banking franchise and where we can overlay our digital capabilities to serve our customers better.”

According to a report by JM Financial, Citi’s Indian consumer business has a sizeable presence, with retail loans totaling about Rs. 3,200 crore ($600 million). The bank employs 19000 people across 35 branches in India.