The consumer business of Citi Bank has been bought by Axis Bank. Now private sector bank Axis Bank has taken over the retail business of Citi India. The official announcement of this deal has been made by Citigroup. Citigroup on Wednesday said it has entered into a deal with Axis Bank Ltd to sell its consumer business in India for $1.6 billion in cash. According to Citigroup, Axis Bank was selected by Citi following an auction process. After this acquisition, about 3,600 employees of Citibank will now join Axis Bank. After this news, there was a strong rise in the shares of Axis Bank. Shares of Axis Bank closed at Rs 754.50, up 2.26%.
Citigroup announced last year
In April last year, Citigroup said it would exit the consumer business in 13 countries, including India. Apart from India, the bank had decided to exit retail business in Australia, Bahrain, China, Indonesia, Korea, Malaysia, Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citibank focuses on four fund centers in Singapore, Hong Kong, the United Arab Emirates and London.
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How big is the business of Citibank in India
As of 31 March 2021, Citi had loans of ₹68,747 crore and deposits of ₹1.66 trillion in India. According to data from the Reserve Bank of India (RBI), its total number of credit cards stood at 2.55 million in February.
Citibank has 25 lakh customers across the country
Let us tell you that there are about 35 branches of Citibank across the country. These include branches in cities like Lucknow, Ahmedabad, Aurangabad, Bengaluru, Chandigarh, Faridabad, Gurugram, Jaipur, Kochi, Kolkata, Mumbai, Nagpur, Nashik, New Delhi, Pune, Hyderabad and Surat. About 4 thousand people work in consumer business banking. The bank has about 25 lakh customers across the country. Citigroup’s consumer business in India includes credit cards, retail banking, home loans and wealth management.