If you are a customer of Citibank, then there is important news for you, now you will be given banking services not by Citibank but by Axis Bank, that is, now you will become a customer of Axis Bank.
Axis Bank completes acquisition
Axis Bank has completed the acquisition of consumer and non-banking finance business of Citibank India. This deal has been done for Rs 11,603 crore. Citibank has shown a message on its official website after this deal, which states that Citibank India Consumer Banking customers will now be served by Axis Bank.
Citibank India has transferred the ownership of its consumer banking business to Axis Bank. Citi India customers will continue to enjoy all Citi products and services like ATM, Internet Banking and Citi Mobile.
What difference will it make to Citi India customers?
According to Citi India, customers will continue to use all its branches as before. Axis Bank provides Citi branded consumer banking products in India on a temporary basis and Citi India provides certain services in lieu of those products.
Axis Bank had announced the acquisition of City Retail Business for the first time on March 30, 2022 for Rs 12,325 crore. Axis Bank had then said that the acquisition would also include 3600 City employees, who support the consumer banking business and would be transferred to Axis Bank.
What’s involved in the Axis Bank-Citi deal
- All city branches will be branded as Axis Bank, but customers will not have any problem, they will be able to use it even then.
- Credit card portfolio of 2.5 million cards
- Deposits of Rs 50,200 crore
- Wealth Management Assets worth 1.1 Lakh Crore
- 7 Offices, 21 Branches and 499 ATMs
