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 an impetus to Axis Bank’s premium banking programme Burgundy,” LiveMint said in its report. The transaction between Axis Bank and Citi India will include approximately 3,600 Citi employees supporting the consumer businesses in India, who will transfer to Axis upon completion of the proposed transaction.

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History of this topic

Axis Bank focuses on strong digi-retail banking; analysts bullish on stock
1 year, 1 month ago

Axis Bank focuses on strong digi-retail banking; analysts bullish on stock

Live Mint  

Axis Bank analyst day: Brokerages have maintained a "buy" rating on Axis Bank's stock following its analyst day, and they estimate a 13% to 23% upside for the stock. According to reports, providing comprehensive digital journeys and improving customer experiences were the main priorities of Axis Bank. Let's take a look at what the domestic brokerages have to say following …

Axis Bank shares may give 30% return in long term, says Prabhudas Lilladher
1 year, 10 months ago

Axis Bank shares may give 30% return in long term, says Prabhudas Lilladher

Live Mint  

Axis Bank shares have been in base building mode after ushering in new year 2023. In YTD time, Axis Bank share price has slipped from around ₹942 per share to ₹845 per share levels, logging more than 10 per cent loss in 2023. However, Prabhudas Lilladher believes that Axis Bank shares are out of base building mode and it is …

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 …

The test for Axis Bank, after a stellar Q2
2 years, 2 months ago

The test for Axis Bank, after a stellar Q2

Live Mint  

There is exuberance among Axis Bank Ltd’s investors. For the second quarter, Axis Bank’s performance can be described as focused earnings delivery after a balance-sheet strengthening phase, said analysts at ICICI Securities Ltd. Govt looking to sell stake in listed rail firms HUL investors must keep expectations low After Q2 results, several broking firms revised the bank’s earnings estimates upwards. …

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 …

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 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 …

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 …

Govt plans Axis Bank stake sale to raise up to ₹5,316 crore
5 years, 10 months ago

Govt plans Axis Bank stake sale to raise up to ₹5,316 crore

Live Mint  

The government will sell part of its stake in Axis Bank held through SUUTI to raise up to ₹5,316 crore starting Tuesday, according to a filing. "The Specified Undertaking of the United Trust of India proposes to sell up to 50,759,949 equity shares of Axis Bank on February 12, 2019," Axis Bank said. As per the filing, the government would …

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