Citi India will sell its consumer business to private lender Axis Bank
With Axis Bank on Wednesday announcing to acquire Citibank’s consumer business in India, it will effect churning of Citi India’s retail customers to move to Axis Bank. Here’s what you need to know about the deal and its impact.
With Axis Bank on Wednesday announcing to acquire Citibank’s consumer business in India, it will effect churning of Citi India’s retail customers to move to Axis Bank. Citigroup Inc said it would sell its Indian consumer businesses to the private lender for USD 1.6 billion. Here’s what you need to know about the deal and its impact.
Citi Credit Card Users: What’s the Next Step
All Citi credit card users will be now managed by Axis Bank.
According to the RBI’s latest data, the total number of Citi credit cards in India stood at 2.55 million. Through these credit cards, Rs 3,555 crore worth of transactions took place during the month, including Rs 6.7 crore via ATMs. The total number of its debit cards stood at 1.44 million. Citi India also has 1.2 million loan accounts.
Citi-Axis Bank Deal: What all Segments to be Transferred?
Apart from credit cards, personal wealth management like portfolio managing and retail customer accounts segments will be transferred from Citi India to Axis Bank. Business related to financial portfolio management will also be given to Axis and now, Citi customers will deal with Axis on this. Citigroup had entered India in 1902 and started the consumer banking business in 1985.
Citi in other Countries
In April 2021, the group had announced its intention to exit consumer businesses in 13 countries, including India, as it focuses on four wealth centres in Singapore, Hong Kong, the United Arab Emirates and London.
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