Citibank came to India in 1902. Its retail division was launched in 1985. Citibank announced its exit from the Indian retail segment a few months ago. Citibank has announced its withdrawal from 13 countries internationally. In this case, Axis Bank acquired the major shares of the bank. Thus we will see here which services of that bank are switching to Axis Bank.
Axis Bank has acquired shares including retail, credit card, microfinance and wealth management. The merger will end in 2023.
All 3,600 employees of Citibank will become Axis Bank employees.
Axis Bank ranks fourth in the credit card segment. There are 86 lakh credit card users. Citibank has over 25 lakh credit card users.
Citibank has assets worth Rs 1.1 lakh crore in the Wealth Management segment. Axis has been bought for Rs 12,325 crore in this segment.
Axis Bank CEO Amitabh Chaudhary said, “We have been growing steadily for so many years, but we have made this connection because our goal is huge. This has greatly reduced the gap between us and our competitors.”
Also, Citibank customers will become Axis Bank customers after the merger. Axis Bank’s technology and services are available to Citibank customers. Axis Bank now owns 7 offices, 21 branches and 499 ATMs in 18 cities owned by Citibank.
— Vasu Karthi