Citibank is present in India since 1902 and has been working in the consumer banking business since 1985.
Citibank has 35 branches in India and around 4,000 employees are working in the consumer banking business. After the completion of the deal, all these will become part of Axis Bank.
Private sector Axis Bank on Wednesday bought the Indian retail business of American banking company Citi Group for Rs 12,325 crore. With this, Citibank’s Credit Card business, Retail Banking, Wealth Management and Consumer Loans business now belong to Axis Bank. However, even after this deal, Citibank credit card holders will continue to take advantage of reward points and other privileges.
These approvals are pending, it will take so much time
Axis Bank informed the stock market about the deal. The bank said that the deal is yet to get regulatory approvals. The bank expects to complete all the processes in the next 9 to 12 months. The deal also includes the consumer business of Citicorp Finance India Limited, Citi’s non-banking financial company (NBFC).
Apart from the personal loan portfolio, this business includes loans against security, loans for commercial vehicles and loans for construction goods. With this deal, not only will the balance sheet of Axis Bank increase, but its share in retail banking will also increase.
Axis Bank’s business will increase so much
Citibank is present in India since 1902 and has been working in the consumer banking business since 1985. Citibank has 35 branches in India and around 4,000 employees are working in the consumer banking business.
After the completion of the deal, all these will become part of Axis Bank. Apart from these, about 30 lakh customers of Citibank India will also go to Axis Bank. After the completion of the deal,
Axis Bank will have about 2.85 crore savings accounts, more than 2.3 lakh Burgundy customers and 1.06 crore card customers. Axis Bank’s card customer base will increase by about 31 percent after this deal.
Citibank customers will continue to get these benefits
Amitabh Choudhary, Managing Director of Axis Bank, said about the deal that Citi’s customers will continue to get all the rewards and privileges they were getting earlier, even after the completion of the deal.
Together, both Axis Bank and Citibank will ensure that all customers continue to enjoy superior customer service. Citibank customers will also get the benefit of Axis Bank’s wider geographic reach.
These Indian business of the city will continue
Citibank had told in April this year that it is preparing to wrap up its consumer banking business from India under the Global Strategy. After this deal, Citibank will be present in India through Institutional Banking Business and Global Business Support Center. Citibank has Global Business Support Centers in Mumbai, Pune, Bangalore, Chennai and Gurugram.Live TV
