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

121°
Budding Star
BAT_MAN

Axis Bank will acquire Citibank’s India consumer business for $1.6 billion in an all cash deal
This includes includes credit cards, retail banking, wealth management and consumer loans business from Citibank India

Expired
14 Comments  |  
13 Dimers
  • Sort By
Deal Cadet Deal Cadet
Link Copied

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

Cool Cool
Link Copied

What will axis customers get?

Deal Subedar Deal Subedar
Link Copied
raman12 wrote:

What will axis customers get?

Clicks

Hunk Hunk
Link Copied

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…

Budding Star Budding Star
Link Copied
atx88 wrote:

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…

Citibank to gya already
This is business and customers which are being sold

Deal Subedar Deal Subedar
Link Copied

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

Delhi Capitals Delhi Capitals
Link Copied

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

Deal Lieutenant Deal Lieutenant
Link Copied
r3d-d3v1l wrote:

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

abhi move karle and save yourself time

Deal Subedar Deal Subedar
Link Copied

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.

Deal Subedar Deal Subedar
Link Copied

.

Deal Subedar Deal Subedar
Link Copied

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.

Deal Cadet Deal Cadet
Link Copied

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

Pro Blogger Pro Blogger
Link Copied

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

replyuser
Click here to reply
Reply