Axis Bank set to buy Citigroup's India consumer business; deal to be announced soon
2 years, 9 months ago

Axis Bank set to buy Citigroup's India consumer business; deal to be announced soon

Firstpost  

The Citigroup’s retail 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 New Delhi: Private sector lender Axis Bank is close to acquiring Citigroup’s retail banking business in India and a deal is likely to be announced soon, sources said on Wednesday. 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. Earlier this month, Axis Bank said it was yet to take a decision on the purchase of Citigroup’s India retail business.

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Axis Bank Completes Acquisition of Citibank's India Business; What It Means For Customers
1 year, 10 months ago

Axis Bank Completes Acquisition of Citibank's India Business; What It Means For Customers

News 18  

Mumbai-headquartered Axis Bank has completed the acquisition of the India consumer business of the Citigroup-owned foreign bank Citibank for Rs 12,325 crore. The deal, announced in March 2022, will see India’s third largest private sector bank absorbing Citibank’s consumer businesses covering loans, credit cards, wealth management and retail banking operations in India. In a stock exchange filing last week, Axis …

Axis Bank-Citi Deal: Know What It Means For Citi Debit, Credit Card Customers
2 years, 5 months ago

Axis Bank-Citi Deal: Know What It Means For Citi Debit, Credit Card Customers

News 18  

As the Axis Bank-Citi deal has got approval from the Competition Commission of India, the amalgamation has moved an inch towards merger reality. The Rs 12,325-crore deal involves the merger with Citi’s personal loans, credit cards and wealth management businesses that are focused on the affluent segment, with Axis Bank. Here’s what it means for customers: The deal includes the …

Axis Bank's Acquisition of Citi's Consumer Business in India for Rs 12,325 Crore Gets CCI Nod
2 years, 5 months ago

Axis Bank's Acquisition of Citi's Consumer Business in India for Rs 12,325 Crore Gets CCI Nod

News 18  

The Competition Commission of India has approved the Rs 12,325 deal of Axis Bank’s acquisition of Citibank’s consumer businesses in India, the authority announced on Tuesday, July 26. “Commission approves acquisition of Citibank, N.A.’s and Citicorp Finance Limited’s undertakings comprising of their consumer banking activities by Axis Bank,” the CCI said on Twitter. Commission approves acquisition of Citibank, N.A.’s and …

Axis-Citi's Retail Network Merger: What Will Happen to Employees, Their Salaries?
2 years, 9 months ago

Axis-Citi's Retail Network Merger: What Will Happen to Employees, Their Salaries?

News 18  

Axis Bank-Citi Merger: The employees of Citibank who will choose to join Axis Bank will keep enjoying the same pay structures as present, a report quoting sources said on Friday. On March 30, private lender Axis Bank said it had agreed to acquire Citi India’s retail assets for $1.6 billion. “The addition of experienced wealth managers from Citi would give …

Citi India Debit, Credit Cards Users: What Will Happen to You After Axis Deal
2 years, 9 months ago

Citi India Debit, Credit Cards Users: What Will Happen to You After Axis Deal

News 18  

With Axis Bank on Wednesday announcing to acquire Citibank’s consumer business in India, it will effect churning of Citi India’s retail customers to move to Axis Bank. Here’s what debit and credit card customers need to know about the deal and its impact: Citi Credit Card Users: What’s the Next Step According to the RBI’s latest data, the total number …

Axis Bank-Citi India Retail Business Deal Worth $1.6 Billion; Know Details
2 years, 9 months ago

Axis Bank-Citi India Retail Business Deal Worth $1.6 Billion; Know Details

News 18  

Citi India on Wednesday, March 30, declared that private lender Axis Bank will acquire the group’s retail assets in India for an amount of $1.6 billion. Under the agreement between Axis Bank and Citi India, the former will acquire the foreign company’s consumer business in the country through milestone-linked payments. Speaking about the deal, Citi India CEO Ashu Khullar said …

Axis Bank to Take Over Citi India's Retail Business for $2 Billion; Announcement Today
2 years, 9 months ago

Axis Bank to Take Over Citi India's Retail Business for $2 Billion; Announcement Today

News 18  

Axis Bank is all set to acquire Citi India’s retail assets for $2 billion, according to sources. The retail business of Citi India includes credit cards, wealth management and retail customer accounts. This deal, where Axis Bank is set to acquire Citi’s consumer business in India, will have milestone-linked payments. Axis Bank was given the nod to acquire Citigroup’s retail …

Citibank Netbanking, Mobile Banking Won't be Available on November 8. Check Details
3 years, 2 months ago

Citibank Netbanking, Mobile Banking Won't be Available on November 8. Check Details

News 18  

Citibank operations will remain affected by downtime on Monday, November 8. In the communication, the bank emphasises that Citibank credit card holders can now raise disputes about any Citi credit card transaction through the 24×7 helpline. Citibank is one of the first few private banking entities in India and its existence in the Indian market dates back to the early …

Citigroup To Exit India & 12 More Global Consumer Banking Markets
3 years, 8 months ago

Citigroup To Exit India & 12 More Global Consumer Banking Markets

The Quint  

Citigroup announced Thursday, 15 April, that it will exit 13 international consumer banking markets, and shift their focus towards wealth management in place of small retail banking markets. Citigroup will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates, departing markets from China, India and 11 other retail markets. This is …

Citibank Exit: Looking for Buyers for Business in India, No Impact on Existing Customers, Says Official
3 years, 8 months ago

Citibank Exit: Looking for Buyers for Business in India, No Impact on Existing Customers, Says Official

News 18  

In a major move, American banking company Citigroup announced on Thursday that it will be exiting 13 international consumer banking markets, including India and China as part of its global strategy. The company said it will focus its global consumer banking business on four markets: Singapore, Hong Kong, London and the United Arab Emirates. We will now look for a …

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