An era ends as Citibank removes signboard from iconic Kolkata office

iconic Kanak building office on Kolkata's Chowringhee Road,

One of India’s oldest foreign lenders, Citibank has removed its signboard from its iconic Kanak building office on Kolkata's Chowringhee Road, as part of the rebranding exercise post the acquisition of its consumer business by Axis Bank in 2021.

It was in this Kolkata office that Citi, as it’s popularly known, began its India operations over a century ago, in 1902. As per the plan, some Citi branches across India will display both Citi and Axis branding, while in other places Axis will replace Citi entirely.

Speaking on condition of anonymity, a Citibank official confirmed that the process of rebranding had begun. Per the deal structure, the merger will come into effect from March 1, 2023.

“The existing Citi signboard at the Kanak building office will be replaced by both Citi and Axis branding. But in some branches, they have completely replaced Citi with Axis Bank,’’ said the Citi official.

In response to a Moneycontrol query, Citibank said the change in signage is a logical part of the process under the already announced transition of our consumer banking branches to Axis. "There is no change or impact to services at any of our branches because of this change; also, customers have been informed well in advance," says Citi bank's reply.

Further, the bank said both banks are fully committed to a seamless transition for clients and we have assured them of the same through our earlier communication. " Citi will continue to offer its corporate, commercial and investment banking business, as well as treasury and trade solutions to clients through its dedicated branches for the same," said Citi bank.

Last April, 2021 Citi had said it would exit consumer / retail operations in 13 countries across Asia and Europe, including India. The other markets are Australia, Bahrain, China, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand, and Vietnam.

The decision surprised customers, employees, and even some competitors of Citi in India. The bank’s employees had no inkling of the decision till the decision was announced globally.

“None of us still have a clue why this decision was taken. Personally, I think it doesn’t make sense, especially for a major market like India where the existing retail portfolio is doing well,” said a former Citi official requesting anonymity.

The Citi’s deal with Axis Bank for the sale of its consumer banking business includes credit cards, retail banking, wealth management, and consumer loans, Citigroup has said.

The transaction also includes the sale of the consumer business of Citi’s non-banking financial company, Citicorp Finance (India) Limited, which includes commercial vehicle and construction equipment loans, as well as the personal loans portfolio.