With Citibank's credit card spends fell to 3.9% in June from 4.8% a year ago, analysts said they overpaid for Citi retail assets deal. Axis Bank's market share has increased to 9.3% from 8.3% during the same period, according to Reserve Bank of India data. In March, Axis Bank said it had acquired Citi's India retail business, which comprises credit cards, mortgages and other retail segments, totalling around 27,400 crore, due to the steady decline in spends market share for Citibank over the past 12 months. The lender will acquire Citi's deposits of 50,200 crore. The capital investment of 3,500 crore and the integration cost of 1,500 crore add up to a total of 17,300 crore $2.3 billion Citi's credit card business has declined to 4% from 10% over the past four years, along with a decline in spend-per-card to 4,000 from nearly 16,000. The monthly spends per card declined further in June, for Citi, with a relatively low-ticket size of 3,400 per card. The total card-in force for the US lender fell to 2.56 million in June from 2.6 million a year ago. Axis Bank's total credit cards increased to 9.7 million from 7.13 million during the same period. Axis Bank's chief financial officer Puneet Sharma told analysts recently that Citi's performance is in line with the assumptions we had made at the time of investment. We will have more clarity on data after the CCI Competition Commission of India approves it. The total number of outstanding credit cards in the system increased 25.3% year-on-year, to 78.7 million in June, the highest in the past 30 months. In June, nearly 386,000 credit cards were added to the system, led by 1.85 million new credit cards.