<p>Axis Bank on Wednesday announced the acquisition of Citigroup's India consumer banking business, including credit card, retail banking, consumer loan and wealth management, for Rs 12,325 crore.</p>.<p>Axis Bank will acquire about 30 lakh customers of Citibank India and grow its credit card portfolio by 31 per cent.</p>.<p>The deal will give it access to 7 offices, 21 branches and 499 ATMs across 18 cities; and approximately 3,600 in-scope consumer employees of Citibank will be absorbed in Axis Bank, the private sector lender said in a statement.</p>.<p>In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy.</p>.<p>The business comprises credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business.</p>.<p>Citigroup had entered India in 1902 and started the consumer banking business in 1985.</p>.<p>Apart from the institutional banking business, Citigroup in India will continue to focus on offshoring or global business support rendered from centres in Mumbai, Pune, Bengaluru, Chennai and Gurugram.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>Axis Bank on Wednesday announced the acquisition of Citigroup's India consumer banking business, including credit card, retail banking, consumer loan and wealth management, for Rs 12,325 crore.</p>.<p>Axis Bank will acquire about 30 lakh customers of Citibank India and grow its credit card portfolio by 31 per cent.</p>.<p>The deal will give it access to 7 offices, 21 branches and 499 ATMs across 18 cities; and approximately 3,600 in-scope consumer employees of Citibank will be absorbed in Axis Bank, the private sector lender said in a statement.</p>.<p>In April 2021, American banking major Citigroup announced its plan to exit from the consumer banking business in India as part of its global strategy.</p>.<p>The business comprises credit cards, retail banking, home loans and wealth management. The bank has 35 branches in the country and employs about 4,000 people in the consumer banking business.</p>.<p>Citigroup had entered India in 1902 and started the consumer banking business in 1985.</p>.<p>Apart from the institutional banking business, Citigroup in India will continue to focus on offshoring or global business support rendered from centres in Mumbai, Pune, Bengaluru, Chennai and Gurugram.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>