Mumbai-headquartered Axis Bank has accomplished the acquisition of the India client enterprise of the Citigroup-owned international financial institution Citibank for Rs 12,325 crore. The deal, introduced in March 2022, will see India’s third largest non-public sector financial institution absorbing Citibank’s client companies protecting loans, bank cards, wealth administration and retail banking operations in India.
Axis Bank, on March 1, put out a video commercial to welcome the 30 lakh plus clients of Citibank. “Finding the familiar in the new, is a wonderful thing. Welcome to a dil se open world that feels less new, more you,” Axis Bank tweeted on March 1.
The acquisition has taken virtually a 12 months, after being introduced in March, 2022. Just days in the past, Citibank took down its signboard from its landmark Kanak Building workplace on Kolkata’s Chowringhee highway – the place the place the financial institution began its operations in India in 1902. In 2021, Citigroup introduced its plans of exiting 13 worldwide client banking markets, shifting its focus to wealth administration and away from retail banking in locations the place it’s small.
In a inventory alternate submitting final week, Axis Bank had knowledgeable that it had acquired the consent of Citibank’s clients for taking on the enterprise.
What will change for the shoppers?
Axis Bank mentioned that Citibank’s clients will likely be benefited from its augmented scale, bigger geographical attain and width of merchandise and choices. Axis financial institution will achieve entry to seven places of work, 21 branches and 499 ATMs throughout 18 cities in India.
Citibank has now put out a listing of solutions to clients’ widespread queries concerning the transition course of.
1. Your checking account numbers, credit score and debit card numbers, chequebooks, and IFSC will stay the identical.
2. Citi Mobile App or Citibank Online will stay purposeful.
3. The incomes ratio and redemption course of of the reward factors in each credit score and debit playing cards will stay the identical.
4. If you may have an insurance coverage coverage availed by means of Citi India, the options would stay the identical and can proceed to be serviced by Axis Bank.
5. You will be capable to entry any Axis Bank ATM. The quantity of free transactions at present accessible to you at Citibank ATMs will likely be prolonged to Axis Bank ATMs. However, any costs at present relevant over and above free transactions at Citibank ATMs will likely be charged on transactions at Axis Bank ATMs too.
6. Notably, the Citigold ‘Global Banking Privileges’ will stop immediately.
7. Citi NRI checking account: The present NRI deposits (NRE/NRO/FCNR) will proceed to earn curiosity as per the charges they have been incomes on their Citi deposits. But, any new NRI deposits will likely be as per Axis Bank’s charges.
8. Your investments in mutual funds, PMS, or AIF will likely be transferred to Axis Bank.
9. Citibank dwelling mortgage: If you may have a house mortgage that’s benchmarked to Citibank mortgage prime lending fee, base fee, or marginal value of lending fee (MCLR), the identical won’t bear any change. In case of any change in the course of the course of the transition, Axis Bank will replace the debtors.
10. Dispute with Citi bank card: In this case, getting a decision to your card complaints may be tough.
Though each the banks have mentioned the shoppers won’t face any points, reviews claims they should bear a Know Your Customer (KYC) routine once more. However, this course of will likely be carried out in phases to minimise the inconvenience to clients.
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