Axis Bank said it took consent of all the customers, as it completed its acquisition of Citibank’s India consumer and non-banking finance businesses. Citibank’s home and personal loan, credit card and insurance businesses are now under the control of Axis Bank.
The deal, announced in March 2022, has been closed for a cash consideration of $1.41 billion (INR11,630 crore) in one of the largest deals in the Indian financial services space.
Axis Bank will look to be in the same space as its larger peers like ICICI Bank and HDFC Bank, with this acquisition.
In a significant development, Citibank took down its signboard from its landmark Kanak Building office on Kolkata’s Chowringhee Road, where it began India operations in 1902.
Axis Bank’s would be complemented by Citibank’s affluent customer segment, as Citibank seeks to focus on its wealth management business at its end.
Axis Bank said that Citibank’s million-strong customers will be benefited from its augmented scale, larger geographical reach and width of products and offerings.
Axis bank in turn will gain access to Citibank’s 7 offices, 21 branches and 499 ATMs across 18 cities in India, as well as the company’s healthy card business which sees transactions to the tune of INR 3000 crore with a 2.5 million customer base.