Citibank's retail business in India is set to be acquired by Axis Bank and the closure of the deal is expected to be finalized by next week, reported CNBC-TV18.

"Citibank is set to announce the closure of deal for its consumer business in India next week," sources told CNBC-TV18.

It also reported that the size of the deal is between $2 and $2.5 billion. As part of the deal, Citibank will continue to serve the customers during the integration period so that the transition is seamless and no one is inconvenienced.

"Total size of the deal expected between $2 to $2.5 billion, including cash component and incentives. Citi may continue to service customers during the integration period with Axis as part of the deal," sources added.

Axis Bank will also acquire Citibank’s credit card division in India, according to the report. Citi has a lucrative customer base of 2.6 million credit cardholders.

The global bank has 35 branches in India and closes to 4,000 employees. Its customer base is about 2.5 million account holders with 1.2 million loan accounts.

Axis Bank was most likely to strike an all-cash deal for Citi's India retail assets. Axis Bank emerged as the lead buyer after beating rivals like Kotak, another private lender, which was reported "more aggressive" and had submitted a bid lower than that of Axis. Other factors like job security for current Citigroup employees, competition concerns, and more were also considered before taking the final call.