In April 2021, Citibank announced that it would be exiting the retail businesses, including credit cards, retail banking, consumer loans and many other such lines of business in 15 geographies in Asia and Europe, including India. Their rationale was that the business did not gain scale in these geographies, so they wanted to refrain from committing more resources to these markets. In March 2022, they announced that the Indian retail business would be carved out and sold to Axis Bank for USD 1.6 Billion. The date was said to be set as the first half of 2023.
Citibank will transfer relationships to Axis Bank on March 1, 2023
As per an email transmission sent out overnight to all Citi customers in India, Citibank will be handing over the customer database and relationships to Axis Bank on March 1, 2023.
As per Citibank, the products and services that you hold with Citi will remain Citi-branded till the second half of 2024 or until further notification from Axis Bank. Similarly, your Bank account number, Credit / Debit Card numbers, chequebooks, IFSC, and MICR codes remain the same.
More importantly, there is no change, at this time, to the earning ratio and redemption process of reward points, across both Citi Credit and Debit Cards. Which puts to rest the big question that Citi customers have had on their mind for a long long time. There is a full FAQ published by Citi.
Personally, this is bittersweet for me, since I have been a Citi customer since 2001, and of course, I’m sad to see them leave. But the good thing, and the saving grace is that there is an 18 months transition period, which means, apart from the entity changing, the whole thing remains the same for a long time.
What do you think of the move of Citi to Axis Bank?
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