Axis Bank to acquire Citibank's India consumer business for $1.6 billion

With this downfall of the level of citi customer support will begin

What will axis customers get?

Gaya matlab Citibank… Unless they keep it totally separate entity…

But $1.6B sound too less for a full fledged bank! Maybe because of comparatively very low presence, but still…

citi bank premium service is in vain, customer care is shit in axis

I will give them an year to see if the service levels noticeable dip. If yes, will move my Citi account funds to HDFC/ICICI. 

I already see the problem has started. I have indian oil card. The rewards are not credited properly. This is the first time I had checked and found out rewards credited are half of eligible amount. Complaining didn’t help, so have escalated to the nodal officer.

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The transaction is expected to close in the first half of calendar year

2023 subject to requisite regulatory approvals. This announcement is

only the start of a process, and while there will be a transition, we

shall ensure that it is done in as seamless a manner as possible. We

will ensure you are duly informed of all relevant changes to your

services and products, with adequate advance notice.

Dear Valued Customer,

Thank you for your continued trust in us.

We had written to you last year, regarding Citi’s ongoing refresh of its global strategy, which resulted in the decision to exit from consumer businesses in 13 markets in Asia and EMEA, including India.

Today, we write to update you that Citi has reached an agreement with Axis Bank for the sale of Citi’s consumer banking businesses in India.

The transaction comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management, and consumer loans, as well as the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited. It excludes Citi’s institutional client businesses in India; Citi remains committed and focused on serving institutional clients in India and globally.

Let us reassure you, once again, that there will be no immediate change to any product you hold with us, be it credit cards, loans, deposits, investments

What about NPCI shares owned by Citibank ? It will also transfer to Axis bank ?