Axis Bank completes acquisition of Citibank's retail biz for Rs 11,603 cr
By MYBRANDBOOK
Axis Bank has completed the acquisition of Citibank's retail business in India which was announced first in March last year, for a final cash consideration of Rs 11,603 crore. The third-largest private sector bank said a total of 2.4 million Citi customers in the country have consented to bank with Axis Bank after the deal, as against 3 million at the time of announcing the deal. 96 per cent or 3,200 of the Citi employees have joined the bank now.
The sale excludes Citi's institutional client businesses in India.
The entire integration will happen over the next 18 months, managing director and chief executive Amitabh Chaudhry said, adding that there will be a hit of Rs 1,500 crore to be taken as implementation costs which will be amortised as the costs are incurred.
Chaudhry said the bank account details, cheque books, product benefits and privileges, debit card details will be the same for the Citi customers who are joining as Axis Bank customers.
Axis Bank is the fourth-largest issuer of credit cards with a total base of 8.6 million cards and the deal will add about 2.5 million credit cardholders, making it one of the top three card businesses in the country.
In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy. The business comprises credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business.
Last year, Axis Bank agreed to purchase Citibank's India Consumer Business from Citibank NA (acting through its branch in India) and the NBFC Consumer Business from Citicorp Finance (India) Limited (CFIL), as going concerns, without values being assigned to individual assets and liabilities to either business.
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Paytm brings UPI Lite Wallet for low-value transactions
Paytm’s parent company One97 Communications (OCL) is emphasizing upon UP...
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
MICROTEK INTERNATIONAL PVT. LTD.
SECUREYE SERVICES PVT. LTD.
INFOSYS TECHNOLOGIES PVT. LTD.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
Technology Icons Of India 2023: Sunil Bharti Mittal
Sunil Bharti Mittal is the Founder and Chairman of Bharti Enterprises,...
Technology Icons Of India 2023: Madhabi Puri Buch
Madhabi Puri Buch is the chairperson of the securities regulatory body...
Technology Icons Of India 2023: Dr. Sanjay Bahl
Sanjay Bahl is currently with the Indian Computer Emergency Response T...
TCIL continues to strengthen India with its technology expertise
TCIL undertakes consultancy & turnkey projects in the field of Telecom...
GeM maintains transparency in online procurement of goods & services
Created in a record time of five months, Government eMarketplace is a ...
BEL leveraging next generation technologies to keep the country ahead in Defence space
Bharat Electronics Limited (BEL) is a Navratna PSU under the Ministry ...
REDINGTON INDIA LIMITED
Redington (India) Limited operates in the IT product distribution busi...
EXCLUSIVE NETWORKS SALES INDIA PVT. LTD.
Exclusive Networks is a globally trusted cybersecurity specialist hel...
WPG C&C COMPUTERS & PERIPHERALS PVT. LTD.
WPG C&C Computers & Peripherals (India) was incorporated in 2008 and ...