Axis Bank, India’s third largest private sector bank, on March 1 said it has retained Citibank's 3,200 consumer banking employees post the acquisition, said Amitabh Chaudhry, Managing Director and Chief Executive Officer of Axis Bank.
The bank made offers to all 3,600 employees of Citibank but 400 employees didn’t accept the offer, said Arjun Chowdhry, Group Executive and Head, Cards, Payments and Wealth, Axis Bank.
During the announcement of the acquisition, Axis Bank had said that it would welcome all the 3,600 employees of Citibank's consumer banking.
"An offer was made to all the employees. It was a voluntary choice from the employees to not agree to the contract," Chowdry said.
On March 1, 2023, the bank on Twitter put out an advertisement welcoming Citibank employee.
The retained employees will be working in the same department, managing their existing customers and everything around that would be same, only the brand name would be Axis Bank and not Citi Bank, said Subrat Mohanty, Group Executive and Head, Banking Operations and Transformation, Axis Bank.
"We have kept the same representatives from Citibank on board to Axis Bank to keep the comfort level with the customers," Mohanty said.
Axis Bank completed the acquisition of Citibank’s consumer business, which was announced in March 2022. This acquisition will see India’s third-largest private sector bank absorbing Citibank’s consumer businesses, covering loans, credit cards, wealth management and retail banking operations in India.
The deal happened after Citigroup in 2021 announced its decision to shit down its retail banking operations in 13 countries, including India, as part of a global business strategy.
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