Axis Bank Limited
Case brief
What is this about?
The Competition Commission of India assessed a proposed slump sale of consumer banking and NBFC businesses by Citi and Citicorp to Axis Bank. The Commission found no appreciable adverse effect on competition based on market share analysis and approvals the combination under Section 31(1) of the Competition Act.
What did the court decide?
The Proposed Combination is approved under Section 31(1) of the Act.
What the court decided
COMPETITION COMMISSION OF INDIA
(Combination Registration No. C-2022/06/941)
25th July 2022
Notice under Section 6(2) of the Competition Act, 2002 given by Axis Bank Limited
CORAM:
Mr. Ashok Kumar Gupta Chairperson
Ms. Sangeeta Verma Member
Mr. Bhagwant Singh Bishnoi
Member
Order under Section 31(1) of the Competition Act, 2002
- On 17th June 2022, the Competition Commission of India (‘ Commission ’) received a Notice under Section 6(2) of the Competition Act, 2002 (‘ Act ’), given by Axis Bank Limited (‘ Axis ’ / ‘ Acquirer ’). The Notice was filed pursuant to the execution of a Business Transfer Agreement dated 30th March 2022 (‘ Citi BTA ’) entered between the Acquirer and Citibank, N.A. (‘ Citi ’) and a Business Transfer Agreement dated 30th March 2022 (‘ Citicorp BTA ’) entered between the Acquirer and Citicorp Finance (India) Limited (‘ Citicorp’ ).
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition of consumer banking and NBFC businesses by Axis Bank from Citi and Citicorp is likely to cause an appreciable adverse effect on competition in India.
Whether the combined market shares of the parties in overlapping business segments indicate a likelihood of competitive foreclosure.
Parties & counsel
- applicant
Axis Bank Limited
Coram
Ashok Kumar Gupta
Sangeeta Verma
Bhagwant Singh Bishnoi
Case details
As recorded by the court registry
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