Citi consumer business becomes Axis Bank property, logo rebranding underway

The acquisition of Citibank’s consumer banking business by Axis Bank was completed on February 28, initiating the rebranding of Citi branches with Axis logo.

Recently, Citibank sent messages to its existing customers saying the bank will complete the sale of consumer business to Axis on March 1, 2023. "We are pleased to now inform you that Citi and Axis Bank will be completing the sale on March 1, 2023," said an SMS sent by Citi bank to its customers.

A Citibank spokesperson refused to comment on this story.

On February 25, 2023, Moneycontrol reported that 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.

Also Read | Citi consumer business becomes Axis Bank property: All you must know

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.

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.

Also read | Citigroup to shutter retail banking operations in 13 countries including India

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.

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.

Citi further 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 the bank.