Axis Bank completes acquisition of Citibank's India business - key things to know for Citi's 30 lakh customers

Axis Bank has informed that it has completed the acquisition of Citigroup's India consumer business from Citibank NA and NBFC business from Citicorp Finance (India) Limited (CFIL).

Starting today, March 1, Citi customers' accounts and investments will be transferred to Axis Bank. Pic: Reuters

Axis Bank has informed that it has completed the acquisition of Citigroup's India consumer business from Citibank NA and NBFC business from Citicorp Finance (India) Limited (CFIL). The multinational bank has sold its India business to Axis Bank for an overall consideration of Rs 11,603 crore.

Starting today, March 1, Citi customers' accounts and investments will be transferred to Axis Bank. Citibank account numbers, debit and credit card numbers, cheque book and IFSC/MICR codes will, however, remain the same.

"We now wish to inform you that completion of the acquisition of Citibank’s India Consumer Business from CBNA and the NBFC Consumer Business from CFIL as going concerns, without values being assigned to individual assets and liabilities for either business shall happen on March 1, 2023," Axis Bank said in the filing.

Accordingly, the businesses of CBNA and CFIL stand transferred to Axis Bank and the bank becomes the owner of Citibank’s India Consumer Business and NBFC Consumer Business, effective from March 1, it added.

Citibak's 30 lakh customers, its seven offices, 21 branches and around 500 ATMs across 18 cities are now owned by Axis Bank.

"Citi India has transferred ownership of its consumer banking business to Axis Bank with effect from 1 March 2023," Citibank India said in a message on its official website. It added that customers can continue to use "all existing Citi products and/or services, branches, ATMs, internet banking and Citi Mobile app as usual".

Citibank had started its operations in India in 1902 from Kolkata.

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