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Axis Bank-Citibank merger complete: What will happen to your Citi credit card, Citi debit card, savings, NRE account, home loan? Yes, your Citi account will remain the same after the acquisition by Axis Bank.
From today (March 1), Citibanks home and personal loan, credit card and insurance businesses have now come under the control of Axis Bank.
Axis Bank announced on 1 March the completion of the acquisition of Citi Indias consumer banking business for ₹11,603 crore . The bank said in a statement on Thursday that it made prudent accounting choices in relation to one-time items of ₹12,490 crore.
Axis Bank declared the acquisition on Wednesday, March 30, 2022. A year later, the consideration has also exchanged hands. The bank has paid ₹11,603 crore, around ₹722 crore lower than the original consideration.
NEW YORK - Citi announced today it has completed the sale of its India consumer business to Axis Bank Limited (Axis). The sale, which Citi and Axis first announced in March 2022, includes credit cards, retail banking, wealth management and consumer loans, as well as the transfer of approximately 3,200 Citi employees.
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Yes, your Citi account will remain the same after the acquisition by Axis Bank. Citibanks consumer business in India will be transferred to Axis Bank, as of March 1, 2023.
As of March 1, 2023, Citibanks consumer business in India will be transferred to Axis Bank. Axis Bank Ltd, an Indian private lender, has completed a deal to buy Citigroup Incs local consumer and non-banking finance businesses, effectively exiting the US lenders credit card and retail businesses in the country.
Axis Bank announced that it would pay a consideration of up to Rs 12,325 crore to Citibank for the acquisition.

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