MUMBAI: Macquarie Research has valued Citibank’s India retail business at around $2 billion, based on their Basel III disclosures in the country. This makes India the most valuable business among the 10 markets in the Asia-Pacific where Citi plans to exit consumer business. These 10 markets are collectively valued between $6.3 billion and $8 billion by Macquarie.
According to a report by the Australian bank, going by SBI Card’s valuation, Citi’s 2.7 million cards would imply a figure of $2.7 billion. “This is above the top end of our valuation… To the the extent that a single buyer is able to purchase multiple businesses at once, we would expect some sort of valuation discount in order to expedite Citi’s exit,” the report said.