MUMBAI: With Axis Bank expected to complete the deal to acquire Citibank India’s consumer business on Wednesday, thousands of Citi’s customers in the country will become part of Axis Bank. In March last year, Axis Bank had announced to buy Citibank’s consumer business in India for Rs 12,325 crore ($1.6 billion) in cash. The consumer business of Citibank, which started operations in India in 1902, includes loans, credit cards, wealth management and retail banking operations.
The conclusion of deal means Citibank branches and ATMs will be re-branded as Axis Bank branches and ATMs. However, for Citibank customers, nothing much will change as their account number, fees, charges, and services will remain same. “For Citibank customers, it will be merely a change of bank’s name. There will be no change in account number, IFSC, MICR codes for Citi customers and they can continue to use your debit, credit cards, ATMs, and cheque books as usual,” a senior Axis Bank official told this newspaper.
“Also, there is no change in fees, charges, billing cycle, payment due date and bill payment methods for credit cards. All their standing instructions with regards to loan payments, bill payments, or any other account transfer will continue,” he added. There will be no change in customers’ debit card, withdrawal limits and existing card will be functional with all benefits and features. The acquisition agreement between Citibank and Axis Bank on March 30 last year, will give India’s private sector lender hold of credit card portfolio of 25 lakh users and deposits of Rs 50,200 crore. Axis Bank will gain access to seven offices, 21 branches, and 499 ATMs owned and operated by Citibank.
Axis Bank had set a timeline of 12 months to complete this acquisition. In July last year, it received approval from the Competition Commission of India (CCI) for the same. In 2021, Citi announced it will cease consumer and retail operations in 13 nations in Asia and Europe, including India, Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam. Existing Citibank customers will be able to access Axis Bank ATMs and number of free transactions available to them will be extended to Axis Bank ATMs.
No change in account no, IFSC for Citi customers
Conclusion of deal means Citibank branches and ATMs will be re-branded as Axis Bank branches and ATMs. For Citibank customers, nothing much will change as account number, fees, charges, and services will remain same. There will be no change in account number, IFSC, MICR codes