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.