Axis Bank completed the acquisition of CITI Bank’s consumer business

Most are aware that Citibank has scaled down operations in India. It is not the first time that a foreign bank has winded up the business in India as a part of a global strategy. Earlier, Barclays, HSBC, and Bank of America – Merrill Lynch, too, have downsized their operations due to high capital requirements and costs.


“We believe our capital, investment dollars, and other resources are better deployed against higher returning opportunities in wealth management and our institutional businesses in Asia,” CITI group’s global CEO Jane Fraser had said last year.


And now the biggest question most people have in their mind is what happens to customers of Citibank?


The simple answer is that Citibank sells its retail business to other banks. Recently Axis Bank announced that it has completed the acquisition of Citibank’s consumer or retail business and non-banking financial company (NBFC) consumer business. The deal, announced in March 2022, will see Axis Bank incorporating Citibank’s consumer businesses covering loans, credit cards, wealth management, and retail banking operations in India.


In the first week of March, Axis Bank confirmed the complete acquisition and also put up a video advertisement to welcome the 30 lakh plus customers of Citibank. The Axis Bank has cracked the deal by paying a whopping Rs. 11,603 crores for this acquisition announced last year in March.


The deal will add about 2.5 million credit cardholders, making it one of the top three card businesses in the country. Earlier the Axis Bank is already the fourth-largest credit card issuer bank with a base of 8.6 million credit cardholders.


Speaking on the occasion, Amitabh Chaudhry, MD&CEO, Axis Bank said, “We welcome over 2.4 million customers and ~3200 employees to our Axis family ‘Dil Se’, as we successfully conclude the first leg of integration. This is a significant milestone in Axis’ journey of growth and leadership in the Banking industry and is set to bring great value to all stakeholders involved. We have a strong balance sheet, comfortable capital levels, and the right team and customer segments to further realize our ambitions.”


The acquisition has strengthened Axis Bank’s market position:


  • High-quality credit card portfolio of 1.8 Mn+ cardholders with industry-leading transaction per card and spend per card metrics
  • Addition of aggregate Deposits of INR 399 Bn of which 77% is CASA
  • Access to 1600 Suvidha corporate relationships that significantly strengthens Axis Bank’s Salary Business
  • Access to a large wealth franchise of ~ Total AUM (Wealth & Private Banking) of INR 947 Bn across CITI products including CITIgold Private, CITIgold, CITI Priority, and CITI Private Bank customers
  • Aggregate Ending Net Receivables (ENR )of INR 273 Bn (1) across Credit Cards, Mortgage, Personal & Ready Credit Loans, Asset Backed Finance, Small Business Loans


The Citibank has addressed common queries of their customers and put out a list of answers about the transition process.


Will there be an impact on associated products & features like reward points, account details, credit cards, personal loans, and digital platforms?


There is no immediate change or impact on the account-related products and features with CITI.

We remain committed to serving you with the levels of excellence you have been accustomed to.

  • There is no impact on your account, Credit Cards, Personal Loans, or any other CITI products.
  • You can continue to use Citibank Online and mobile banking, CITI Phones, and all other channels – we are keen to serve you.
  • Your reward points, across both Credit and Debit Cards, continue to accrue and remain available for your use.
  • We continue to bring great offers and propositions to you, across your CITI Credit and Debit Cards.


Will I be able to access Axis Bank ATMs after the Transfer Date i.e., March 1, 2023? What will be the ATM Charges applicable on the use of Axis Bank ATMs?


Yes, you will be able to access any Axis Bank ATM as your own after the Transfer Date. The number of free transactions currently available to you at Citibank ATMs will be extended to Axis Bank ATMs also. Similarly, any charges currently applicable over and above free transactions at Citibank ATMs will be charged on transactions at Axis Bank ATMs also.


You can avail of the following services at Axis Bank ATMs after the Transfer Date:

  • Balance Inquiry
  • Cash Withdrawal
  • Mobile Number Update (Mobile Number Registration)
  • PIN Change


Will CITI gold Global Banking privileges be offered?


Global Banking privileges like Access to CITI gold and CITI gold Private Client lounges worldwide, Emergency Cash, Home Connect, Relocation Account Opening service, CITI gold status portability & CITI gold credit portability will cease as on the Transfer Date.


Will I continue to earn reward points on spends made with my CITI Debit Card and redeem them?


Reward points on your CITI Debit Cards will continue to accrue and remain available for redemption. There is no change to the earnings ratio and redemption process.


Will there be any change to existing deposits booked as an auto-renewal?


There will be no change to the existing deposits getting auto-renewed. For customers with Multi deposits that are booked for less than INR 5000, you are requested to liquidate the same by 28th Feb 2023 by visiting the branch or through Citibank Online. In absence of a request, these deposits will be credited back to the Savings Account Balance by the Bank. Alternatively, you can re-book these deposits as per the new limits defined by the bank through Citibank Online ( There will be no premature penalty charged for such deposits.






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