Did Axis overpay in Citi deal? Analysts think so

In March, Axis Bank said it had acquired Citi's India retail business, comprising largely its credit cards portfolio, mortgages and other retail segments, totalling about ₹27,400 crore. The lender will also acquire Citi's deposits of ₹50,200 crore. While Axis Bank will pay ₹12,300 crore directly as the price of businesses, the capital investment of ₹3,500 crore and integration cost of ₹1,500 crore adds up to a total of ₹17,300 crore ($2.3 billion).

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