Axis Bank Wednesday announced its Acquisition Of Citibank’s India consumer and non-banking finance businesses, at an overall consideration of Rs 11,603 crores.
The deal announced in March 2022 has been closed for a cash consideration of $1.41 billion in one of the largest deals in the Indian financial services space.
The acquisition has taken almost a year. Just a few days ago, Citibank took down its signboard from its landmark Kanak Building office on Kolkata’s Chowringhee road – the place where the bank started its operations in India in 1902.
Today, Citibank’s home and personal loan, credit card and insurance businesses have now come under the control of Axis Bank. This means Axis Bank will now handle all of Citibank’s existing and future consumer business in the country.
The acquisition will help Axis close the gap with larger peers like ICICI Bank and HDFC Bank.
The acquisition will also transfer more than one million customers and an average salary of Rs 70,000 per month to Axis Bank, which will strengthen its salary business.
“Customers will not face any issues, reports claim they will have to undergo a Know Your Customer (KYC) routine again”, said both banks.
“Citibank’s customers will get benefit from its augmented scale, larger geographical reach, and width of products and offerings”, said Axis bank.
But, after the transfer to Axis Bank, global banking privileges will cease.
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