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Private banks have historically been rare in the market, but have begun tapping it or exploring deals amid regulatory pressure.
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The migration of Citi credit cards to Axis Bank will be completed by July 15. Here, we address common questions from Citi credit card users regarding the migration process, the benefits and features of the Axis Bank credit card replacing the Citi card, rewards programs, annual fees and charges, and more.
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Citigroup CEO Jane Fraser's compensation increased by around 6% in 2023. She took home $26 million, even as the US bank reported a fourth-quarter loss of $1.9 billion
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The central bank imposed a penalty of Rs 5 crore on Citibank, Rs 4.34 crore on Bank of Baroda, and Rs 1 crore on Indian Overseas Bank, it said in different press releases.
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Manish Chokani, Director of Enam Holdings, posts a ROFL emoji in response, as Arora share a news report on Citi's overhaul plans
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The employee, a financial crime expert working for Citibank in London, sued for wrongful and unfair dismissal.
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The bank in its statement said that this initiative is expected to widely benefit women by ensuring continuity of their careers with Citi.
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Our specially curated package of the most interesting articles of the day will help you stay at the top of your game
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Valuations for Axis Bank’s acquisition of Citi remain competitive and the price paid 'is around the market valuations', says MD & CEO Amitabh Chaudhry
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The 2008 financial crisis prompted the RBI to turn up the regulation on banks. It also prompted multinational banks to turn down their enthusiasm in spreading their business across geographies and focus on healing the home business
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Rising competition and stringent regulations are making India operations difficult for even those foreign banks which started India operations long back, say analysts.
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Axis Bank on March 1 completed the acquisition of Citibank’s consumer business
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The onslaught of new technology by fintech startups, combined with the dynamism of private Indian banks, threw up a level of competition many foreign banks could not handle
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Axis Bank's position in the cards business improved from 11.4 percent to 16.2 percent after this acquisition. It gets ready access to highly affluent wealth customers of Citi for Burgundy Private Banking.
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Axis Bank’s acquisition of Citibank’s consumer business is likely to lead to changes in the Indian bank’s retail portfolio
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Axis Bank is likely to make efforts to ensure that the transition is smooth for erstwhile Citibank customers. But home loan borrowers and credit card holders, in particular, will have to brace up for key changes.
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It was in Kolkata that Citi began its India operations over a century ago.
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Post completion of this deal, all customers, employees and assets of Citibank will be transferred to private sector lender Axis Bank, which will pay a consideration of Rs 12,325 crore for the acquisition.
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Customers are unaware of the alternatives they will get after the transfer of Citibank’s consumer business to Axis Bank
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In an interview, Falco said that now, multinationals are starting to see India as a global manufacturing base, which will positively impact small- and mid-sized businesses
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In March, Axis Bank had acquired Citibank's India consumer business for $1.6 billion in an all cash deal
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Axis Bank-Citibank deal: The day after the deal, Axis Bank put out a frontpage newspaper advertisement with a clever wordplay on Citibank's iconic “Citi never sleeps” slogan.
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The $1.6 billion transaction comprises sale of the consumer banking businesses of Citibank India.
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The deal comprises the sale of the consumer banking businesses of Citibank India, which includes credit cards, retail banking, wealth management and consumer loans, Citigroup said.
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Last year, Citibank had said that it will exit its consumer franchises in 13 markets, including India, and refocus on its more lucrative institutional and wealth management businesses
