RIYADH: Mumbai-based Axis Bank is nearing a deal to buy Citigroup India’s retail unit at a value of $2.5 billion, Bloomberg reported, citing people familiar with the matter. The transaction is pending an approval from the Reserve Bank of India, and may be announced in the next few weeks, the people added. Axis Bank, India’s third largest private sector lender, will need six months to merge its consumer business in the country with Citigroup’s.