Axis Bank set to buy Citigroup’s India retail unit

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Bapun

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Citigroup on Thursday said it was exiting retail banking in India and 12 other countries across Asia and parts of Europe to focus on its wealth management business, as it lacked the “scale” to compete in this space.

 
so soon after public sector bank consolidation by govt. even pvt sector is winding up it tail and exiting market.

Bharat will come up with new age bank, starting with small bank, payment bank , with new technology to cover real financial inclusion and wide spread and depth of consumers.

this will also lead to More data , personal and impersonal get generated and soted in Indian territory. which is new oil.

i am happy that citi is exiting, atleast such data wont gets in foreigners hand in first place,which we cant stop in case of fb.google, and xiaomi.

Credit card biz when transferred to kotak,icici, it is highly likely that half of the customer slips away or consolidate.
 
Whoever takes over citi operations in India... Sure can't match the quality of citibank.. Me personally having account with citi is really worrisome..I just hope it's not that SBI. :mad:
 
Axis Bank Ltd. is nearing a deal to buy Citigroup Inc.’s India retail banking business in a transaction that could be valued at about $2.5 billion, people familiar with the matter said.
  • Agreement could be announced as soon as next few weeks
  • Citigroup shedding 13 retail arms across Asia and Europe
 
Axis Bank is set to acquire Citibank’s credit card division in India. The deal contours have been finalised and is likely to be announced this week. It will become effective six months from the date of the announcement and the payment will be on the basis of the metrics of the business at present.

Axis Bank-Citi deal for cards business may come this week
 
Citi Bank was not offering much to its credit card customers specially in online segment and was nowhere listed in offline but now as Axis Bank bought it Citi Bank customer can enjoy it completely. On other hand Axis Bank will get elite group of companies and customer. And, soon stand side by side with HDFC Bank in Share Market.
 
Citi Bank was not offering much to its credit card customers specially in online segment and was nowhere listed in offline but now as Axis Bank bought it Citi Bank customer can enjoy it completely. On other hand Axis Bank will get elite group of companies and customer. And, soon stand side by side with HDFC Bank in Share Market.
I have been using Citi credit card from past 10 years. Used to see card offers on Amazon/Flipkart/BigBasket regularly, atleast once in 2 months.
I believe now with Axis acquisition, may see more frequent offers.
 
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