Mumbai: Starting today (March 01), an over 100-year-old Citibank ceased to exist as Axis Bank announced on Wednesday that it has completed acquisition of Citibank's India consumer and non-banking finance businesses.

Citibank established in 1902 in Kolkata has completely sold its retail banking assets to Axis Bank for an overall consideration of Rs 11,603 crore.

A total of 2.4 million Citi customers in India have consented to bank with Axis Bank, managing director and chief executive Amitabh Chaudhry told reporters in Mumbai. The acquisition has also resulted in the movement of 96 percent or 3,200 of the Citi employees to Axis Bank.

“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 noted in a regulatory filing.

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The acquisition process took one year to complete after the announcement in March 2022. With this acquisition, Citibank’s home and personal loan, credit card and insurance businesses have come under the control of Axis Bank.