Citigroup Inc had announced that it would sell its Indian consumer businesses to private lender Axis Bank for $1.6 billion, as the US bank exits retail operations in 13 markets.

The transaction includes the sale of the consumer banking businesses of Citibank India, which have credit cards, wealth management, retail customer accounts, and consumer loans, Citigroup said.

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“The transaction also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, comprising the asset-backed financing business, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio,” it added.

The deal will include the transfer of about 3,600 Citi employees to Axis Bank, and Citi expects the release of around $800 million of allocated tangible common equity after the deal.

However, the sale excludes Citigroup’s institutional client businesses in India, said, adding that “Citi remains committed and focused on serving institutional clients in India and globally”.