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.
BREAKING NEWS
TECHNO TRENDS
TAC Security becomes Cyber Security Assessor for the App Defen
The cybersecurity company, TAC Security has been selected as a key Cyber ...
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
Download masked Aadhaar to improve privacy
Download a masked Aadhaar from UIDAI to improve privacy. Select masking w...
Sterlite Technologies' Rs 145 crore claim against BSNL rejecte
An arbitrator has rejected broadband technology company Sterlite Technolog...
E-Magazine
TECHNOTAINMENT
Salman Khan trolled for singing with B Praak at Anant Ambani's
To celebrate Mukesh Ambani's youngest son Anant Ambani’s 29th birthday
Disney+ Hotstar wins the Best OTT Platform of the year
Film Critics Guild and Group M Motion Entertainment, in collaboration with
MOVERS & SHAKERS
SISL elevates Ankita Wadhawan as CEO—End User Computing
The IT service provider, SISL in a LinkedIn post announced the elevation
InfoVision appoints Radhika Venkatraman to its Advisory Board
Global digital services company, InfoVision has announced the appointment
OPEN YOUR EYES
INTERVIEWS
AMD Pensando innovation CONTINUES
In 2022, AMD announced its acquisition of Pensando Systems, an addition to
Fortinet leading the charge towards networking and security co
Fortinet offers a wide range of technologies, including next-generation fir
HOT PICK
Dell Technologies launches new AI-powered commercial PC portfo
Dell Technologies has launched the broadest portfolio of commercial AI lap
Canon India Introduces 4K Remote PTZ Camera Controller & 4K In
Canon India, a leading company in digital imaging solutions, further solidi
MAKE IN INDIA BRANDS
RAMCO SYSTEMS Ltd.
LUMINOUS POWER TECHNOLOGIES PVT. LTD.
QUICK HEAL TECHNOLOGIES PVT. Ltd.
RELIANCE JIO INFOCOMM LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Technology Icons Of India 2023: Nikhil Rathi
Nikhil Rathi, Co-founder & CEO of Web Werks, a global leader in Data C...
Technology Icons Of India 2023: Rishad Premji
Rishad Premji is the son of the Wipro head Azim Premji and was named a...
Technology Icons Of India 2023: Girish Mathrubootham
Girsh Mathrubootham envisioned and co-founded Freshworks. Freshworks, ...
PARTNER SPEAKERS
PSU
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
GSTN aims to integrate indirect tax ecosystem on a shared IT infrastructure
Goods and Services Tax Network (GSTN) has built Indirect Taxation plat...
CERT-IN protecting the cyber security space of India
CERT-In serves in the area of cyber security threats like hacking and ...
VIDEOS
Top 25 Brands
Value-Added Distribution
IVALUE INFOSOLUTIONS PVT. LTD.
: iValue Info Solutions is a value added distributor, provides solutio...
NETPOLEON SOLUTIONS
Netpoleon Group is a Value-Added Distributor (VAD) of Network Security...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
ITFORUM 2024
WIITF 2024
CMO of the Year
WOMEN LEADERSHIP
EMINENT CIO's OF INDIA
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
