Citibank's customers will witness a major transformation from Wednesday as the grand old bank, which started its India operations back in 1902 in Kolkata, has completely sold its retail banking assets to Axis Bank.
Private lender Axis Bank has completed the acquisition of Citigroup's India consumer business for an overall consideration of Rs 11,603 crore. With this, all of Citibank's consumer business in India will be transferred to Axis Bank.
Last year, the US bank Citigroup announced the sale of its consumer banking business, including wealth management, and loans to Axis Bank as part of its plans to exit retail operations in 13 markets.
With the completion of this deal, Axis Bank would get 30 lakh unique customers of Citibank India, seven offices, 21 branches, and 499 ATMs across 18 Indian cities.
Citibank India has on its official website informed its customers that "Citi India has transferred ownership of its consumer banking business to Axis Bank with effect from 1 March 2023".
Further, Citi India advised its customers that they can continue to use "all existing Citi products and/or services, branches, ATMs, internet banking and Citi Mobile app as usual".
The website mentioned that the trademarks "Citi", "Citibank", "Citigroup", the arc design, and all similar trademarks and derivations thereof are used temporarily under the license by Axis Bank from Citigroup Inc and related group entities.