How Axis pipped Kotak in Citi race + SEBI’s latest order to help debt recovery
It’s not just a higher offer that won Axis the deal + The market regulator finally comes to the rescue of long suffering bond investors.
31 March, 2022•8 min
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31 March, 2022•8 min
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Editor's note: Furquan here. The world of finance made big news this week. Uday Kotak ended his tenure at IL&FS on a high and further secured his place at the top of Indian banking today. But how did he end up losing the deal to buy Citibank’s retail assets in India to Axis Bank? Axis Bank, led by Amitabh Chaudhry, played it smart. Separately, SEBI had some good news for bond investors who have suffered the most when it comes to recovering money from defaulting companies. The answer is in blockchain. Read on. The clause that helped Axis clinch deal On 29 March 2022, late in the evening, I got a call from a Citibank executive, who requested that his name not be revealed. “The deal will be announced tomorrow at 4:30 pm. The last-minute signs will be done tonight,” the executive said. The executive was referring to the sale of Citibank’s retail assets in India—almost a year after the global giant announced its exit from retail banking in 13 countries. India was one of the last countries where Citibank was selling …
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