After over a century, Citi name vanishes from its branches, ATMs as Axis comes in

In a communication to customers, Citi said, “We are pleased to now inform you that Citi and Axis Bank will be completing the sale on March 1, 2023.”

From Wednesday, while the branch timings may change, the locations of Citi branches and ATMs will be the same.

“The products and services that you currently hold with Citi will remain Citi-branded till around the second-half of 2024 or until further notification from Axis Bank,” the bank said.

The bank account numbers, credit and debit card numbers, cheque books, IFSC, MICR codes of the customers will remain the same. Customers can continue to use the Citi Mobile App or Citibank Online, the bank said. There is no change, at this time, to the earning ratio and redemption process of the reward points, across both Citi Credit and debit cards. “If you hold an insurance policy availed through us, the policy features remain the same and will continue to be serviced by Axis Bank. Citibank will be surrendering its Corporate Agency License with no implications on your existing policy,” the bank informed its customers. With this acquisition, close to 3 million unique customers of Citibank India will become Axis Bank’s customers. Axis Bank’s Cards balance sheet will grow by 57 per cent with an additional 2.5 million Citibank cards, making it one of the top 3 cards businesses in the country. The bank had said that the acquisition of Citibank’s retail business will help in addition of aggregate deposits of Rs 50,200 crore, of which 81 per cent will be CASA.

“After the pandemic, it is hard to continue a business that won’t survive. Such mergers are very common in England. Many businesses have closed down. It’s better to merge with someone so that they can provide quality services. If it is bilaterally beneficial for the consumers and the customer, then it is good,” said Dr Prema Lal, a customer of Citi in Kolkata.