Khaitan & Co has advised Indian private lender Axis Bank on its $1.6 billion acquisition of the credit card and retail businesses in the South Asian country from Citigroup's local consumer banking arm. AZB & Partners acted for Citi.

Linklaters has advised Citigroup on the S$5 billion ($3.7 billion) sale of its consumer business in Indonesia, Malaysia, Thailand, and Vietnam to Singapore’s United Overseas Bank (UOB), which was counselled by Allen & Overy.

Citigroup has sold its nearly 10 percent stake in Turkey's Akbank for $1.2 billion, the U.S. lender said on Mar.5, its latest disposal of overseas assets to cut costs and boost capital.