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Integration of Citibank India consumer business well on track
July 27, 2023
The integration of Citibank India Consumer Business remains well on track with around 3,200 Citi employees now part of the bank, Axis Bank managing director and chief executive officer Amitabh Chaudhry said in his message to shareholders.
Also, early traction from the Citibank customer base has been quite positive, Chaudhry said. “Our interactions with several high-value customers suggest their acknowledgment of the seamless transition,” Chaudhry added.
On March 1, Axis Bank said it completed the acquisition of Citibank’s consumer business. The deal, which was announced in March 2022, saw India’s third-largest private sector bank absorbing Citibank’s consumer businesses, covering loans, credit cards, wealth management, and retail banking operations in India.
The deal happened after Citigroup in 2021 announced its decision to shutter its retail banking operations in 13 countries, including India, as part of a global business strategy. Axis Bank put out a video advertisement to welcome Citibank’s 30 lakh plus customers on March 1.
Chaudhry said the bank has already started incremental onboarding of erstwhile ‘Suvidha’ salary accounts on the Axis Bank platform for additional locations across the country where Citi was hitherto not present.
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