Citibank customers will see a big change from today (March 1, 2023). The grand old bank that started its operations in Kolkata in 1902 has completely sold off its retail banking assets to Axis Bank. Private lender Axis Bank on Wednesday announced that it had completed the acquisition of Citigroup's Indian consumer business for a cash consideration of ₹11,603 crore. With this, all consumer business of Citibank in India will be transferred to Axis Bank.
Last year, US bank Citigroup announced the sale of its consumer banking business, which included wealth management, and lending to Axis Bank, as part of a plan to exit retail operations in 13 markets.
After the completion of this deal, Axis Bank now got access to Citibank India's 3 million unique customers, 7 offices, 21 branches, and 499 ATMs across 18 cities in India.
Citibank India has informed its customers on its official website that Citibank India has transferred its ownership to Axis Bank, which will be effective from March 1, 2023".
In addition, Citi Bank India informed its customers that they could continue to use all the existing Citi products, services, ATMs, branches, internet banking, and Citi Mobile App as usual.
The website mentions that the trademarks "Citi," "Citibank," "Citigroup," Arc Design, and all similar trademarks and derivatives will be temporarily used under license by Axis Bank from Citigroup Inc. and related group entities.
Important points to note for Citibank’s customers:
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