New Delhi: Amitabh Chaudhary, Managing Director and Chief Executive Officer (CEO) of Axis Bank, on Wednesday clarified that the account numbers and IFSC codes of Citibank customers will not undergo any changes despite the takeover of the latter by the former.
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Private sector lender Axis Bank today said that it has completed the acquisition of citibank’s consumer business and non-banking financial company (NBFC) consumer business. Axis Bank has reportedly paid Rs 11,603 crore for the acquisition announced in March 2022.
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“We now wish to inform you that completion of the acquisition of Citibank’s India Consumer Business from CBNA and the NBFC Consumer Business from CFIL as going concerns, without values being assigned to individual assets and liabilities for either business shall happen on March 1, 2023,” Axis Bank said in a regulatory filing.
What will the acquisition mean for Axis Bank
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Axis Bank is the fourth largest issuer of credit cards and has a base of 8.6 million cards. The acquisition of Citibank will add another 2.5 million credit cards in the inventory, thus making it one of the top three card issuers in the country.
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According to reports, Axis Bank, which has a retail book of nearly Rs 4 lakh crore, has acquired 30 lakh unique customers of Citibank. Citibank reportedly has a retail book of Rs 68,000 crore and its retail loans account to Rs 28,000 crore. Citibank’s India business accounts to 1.5 per cent of its global book.
