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With the mega acquisition of Citibank’s consumer business, Axis Bank will get high net worth clients and bank accounts of the US bank’s Indian business with the Citibank’s credit card programme making a valuable proposition in the entire M&A. Citibank said it will continue its presence in India through the institutional businesses and community initiatives.
On an overall basis, the proposed transaction will add 7 per cent to the bank’s deposit base (with 12 per cent increase in CASA) and 4 per cent increase in advances.
“The amplified scale and width of offerings, the diversified portfolio of products and global best practices will enhance customer experience, while greater synergies both on revenue and cost side will augment value for the new franchise. We look forward to collaborating with Citi’s experienced senior leadership team and diverse talent pool, as they join Axis’ 86,000 plus strong, dedicated workforce,” said Amitabh Chaudhry, MD&CEO, Axis Bank.
“We believe Axis Bank will provide our employees an excellent environment to build their careers and shall meet all the financial needs of our consumer clients. We continue to remain committed to contributing to India’s growth and development as we deepen our presence through our institutional businesses and our community initiatives,” said Citi India CEO Ashu Khullar.
“Citi will also continue to harness India’s rich talent pool in the areas of technology, operations, analytics, finance and allied functional areas through its network of Citi Solution Centres that are located in five cities in India and support our global businesses,” Khullar said.
Axis Bank said Citibank’s customers will specifically benefit from Axis Bank’s wider geographical reach and comprehensive service offerings, along with One Axis capabilities that extend across all its subsidiaries. Axis Bank already has a network of Citi alumni across the hierarchy, which reflects cultural alignment between the two organizations.
