HomeBUSINESSAxis Bank completes acquisition of Citibanks India and Key things to know...

Axis Bank completes acquisition of Citibanks India and Key things to know for Citis 30 lakh customers

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

From today, March 1, accounts and investments of Citi customers will be transferred to Axis Bank. However, Citibank account numbers, debit and credit card numbers, check books and IFSC/MICR codes will remain the same.

“We would now like to inform you that the completion of the acquisition of Citibank India Consumer Business from CBNA and NBFC Consumer Business from CFIL as going concerns without assigning values ​​to individual assets and liabilities for either business will take place on March 1, 2023,” Axis Bank said in submission.

Accordingly, CBNA and CFIL businesses have been transferred to Axis Bank and the bank is becoming the owner of Citibank India Consumer Business and NBFC Consumer Business with effect from March 1, it added.

Citibank’s 30 million customers, its seven offices, 21 branches and around 500 ATMs in 18 cities are now owned by Axis Bank.

“Citi India has transferred ownership of its consumer banking business to Axis Bank with effect from March 1, 2023,” Citibank India said in a statement on its official website. It added that customers can continue to use “all existing Citi products and/or services, branches, ATMs, online banking and the Citi mobile app as usual.” Citibank started its operations in India in 1902 from Calcutta.

Read Now :<strong>Air India will double its current fleet with an order of $70 billion in a few years</strong>

[responsivevoice_button buttontext="Listen This Post" voice="Hindi Female"]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

RELATED ARTICLES

Trending News

China Announces Territorial Sea Baseline in Beibu Gulf, Advancing Boundary Clarification

China has taken a significant step in clarifying its maritime boundaries by announcing the baseline of the northern part...

Understanding Lightning Strikes: How Data Is Improving Safety Measures

On a warm, humid day, the distant sight of tall clouds resembling cauliflower signals the approach of a thunderstorm....

Study Reveals Cannabis Strains High in CBD Offer Relief from Anxiety

Cannabis has long been a subject of fascination due to its paradoxical effects – some users find solace and...

Tesla Power India Introduces ReStore: India’s Premier Refurbished Battery Brand

Gurgaon: Tesla Power India is proud to unveil ReStore, India's leading refurbished battery brand, championing self-reliance, skill development, and...