Axis Bank completes acquisition of Citibank’s India business – key things to know for Citi’s 30,000 customers

Axis Bank announced that it has completed the acquisition of Citigroup’s consumer business in India from Citibank NA and NBFC business from Citicorp Finance (India) Limited (CFIL). The multinational bank has sold its India operations to Axis Bank for a total consideration of Rs 11,603 crore.

Beginning today, March 1, Citi customers’ accounts and investments will be transferred to Axis Bank. However, Citibank account numbers, debit and credit card numbers, checkbook and IFSC/MICR codes remain the same.

“We would now like to inform you that the completion of the acquisition of Citibank’s Indian consumer business from CBNA and NBFC consumer business from CFIL on a going concern basis on 1st,” Axis Bank said in the filing.

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Accordingly, the businesses of CBNA and CFIL will be transferred to Axis Bank and the bank will become the owner of Citibank’s India Consumer Business and NBFC Consumer Business effective March 1, it added.

Citibak’s 30,000 customers, its seven offices, 21 branches and approximately 500 ATMs in 18 cities are now owned by Axis Bank.

“Citi India has transferred ownership of its retail banking business to Axis Bank effective March 1, 2023,” Citibank India said in a statement on its official website. It added that customers can continue to use “any existing Citi product and/or service, branches, ATMs, internet banking and the Citi Mobile app as usual.”

Citibank began operations in India in 1902 from Calcutta.

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