Citibank will be Axis Bank by 2023

Axis Bank buys Citibank’s India consumer business

On Wednesday Axis Bank announced to acquire Citibank’s consumer business in India for 12,131 crore and it will be all cash deal.

The Deal is of 1.6 billion USD / 12000 crores INR

The deal includes consumer banking businesses of Citibank India includes credit cards, retail banking, wealth management and consumer loans.

What will happen to the Citibank employees ?

3,600 Citi employees would be absorbed by Axis Bank at pay packages equivalent to their existing package or even better.

What will happen to the Citibank customers ?

All the Citibank customers and their accounts and credit cards are safe. They will all be migrated to Axis Bank and become Axis Bank customers.

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