Axis Bank has acquired the consumer business of Citi India. For this, he will pay Citi about $ 1.6 billion. After this deal, Citi’s credit card, retail banking, wealth management and consumer loan business in India will come under Axis Bank. Under this deal, Citi’s non-banking financial company Citicorp Finance will also come.
The process will be completed by the middle of next year
Citicorp Finance provides loans for purchase of commercial vehicles and construction equipment. It also gives personal loans. This deal will have a direct impact on the customers and employees of Citi. All retail customers of Citi will now become Axis Bank customers. However, it will take time. Experts say that the process of merging Citi’s retail business with Axis would be completed by the middle of next year after all formalities are completed.
Read also: Sri Lanka asked for a loan of $ 1.5 billion from India, India has already helped
City’s 4000 employees will become Axis
City’s total retail business is Rs 68,000 crore. The share of retail loans in this is Rs 28,000 crore. Citi Consumer has 35 branches in India. It has about 4,000 employees. The consumer business accounted for one-third of the city’s total business.
Because of this, the decision to sell the retail business was taken
Citibank’s first female CEO, Jane Fraser, decided to sell the retail business in 13 markets. She wants to focus on high yield and revenue business. The city management has said that the exit process has started.
What will be the impact on the customers of City Retail?
All retail customers of Citi will now become Axis Bank customers. They will get all the facilities which are available to the customers of Axis Bank. The interest rate on deposits and loans will be the same as that of Axis Bank. Axis Bank debit and credit cards will be issued to Citi customers.
His checkbook will also change. Axis Bank check books will be issued to all retail customers. The IFSC code of their branch will also change. However, this process will be completed gradually, so that they will not face any kind of problem.
,