Axis Bank has emerged as the sole bidder for the 66.28% promoter stake in CreditAccess Grameen, which may make the microfinance lender its wholly owned subsidiary.
The proposed deal is expected to follow the IndusInd Bank–BFIL model, allowing CreditAccess Grameen to operate as a separate entity.
If completed, this would be Axis Bank’s second major acquisition after Citibank India.
Axis Bank Emerges Sole Bidder for CreditAccess Grameen; May Create Wholly-Owned MFI Arm
The bid is for the 66.28% stake held by CreditAccess India BV, the Netherlands-based promoter entity. Axis Bank has emerged as the only bidder for the stake, and if the transaction goes through, it would gain full ownership of CreditAccess Grameen
Axis Bank-CreditAccess Grameen
Summary
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Axis Bank will be acquiring the promoter stake in CreditAccess Grameen, one of India’s largest microfinance lenders. It has reportedly submitted a bid for the acquisition.
The bid is for the 66.28% stake held by CreditAccess India BV, the Netherlands-based promoter entity. Notably, the private-sector bank has emerged as the only bidder for the stake, and if the transaction goes through, it would gain full ownership of CreditAccess Grameen, turning it into a subsidiary of the private sector lender, Moneycontrol reported citing sources.
The proposed transaction is expected to follow a structure similar to the IndusInd Bank-Bharat Financial Inclusion Limited (BFIL) model.
Point to note: IndusInd Bank had acquired the microfinance firm in 2019, through an all-equity merger. Following this, BFIL became a wholly owned subsidiary while continuing to operate as a separate legal entity and functioning as a business correspondent for the bank.
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The potential acquisition would be Axis Bank’s second major deal in three years, after it acquired Citibank’s consumer banking business in India in 2023.
According to the report, Axis Bank has offered a valuation of around 2.6 times price-to-book value based on trailing 12-month numbers. However, the final outcome will depend on whether CreditAccess India BV is willing to close the deal at a slightly lower valuation.
Notably, Bank of America is acting as the investment banker for CreditAccess Grameen. The sale process reportedly began around October last year. While several potential buyers conducted due diligence, their interest reportedly did not translate into formal bids.
As of December 2025, CreditAccess Grameen had a loan book exceeding ₹26,000 crore and a net worth of ₹6,900 crore, making it the largest standalone NBFC-MFI in the country. Meanwhile, the promoters of CreditAccess Grameen had been seeking an exit for the past two to three years, as the fund life of CreditAccess India BV is nearing its terminal phase.
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