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Citibank customers to continue availing rewards, privileges and offers: Axis Bank MD

Citibank consumers will continue to avail avail all the rewards, privileges and offers to which they were previously entitled after the acquisition, said Axis Bank MD Amitabh Chaudhry on Wednesday.

Earlier during the day, Axis Bank and Citibank announced that their respective boards have approved the acquisition of Citibank’s consumer businesses in India by Axis Bank.

The acquisition is subject to customary closing conditions, including receipt of regulatory approvals. Axis Bank will pay a consideration up to 12,325 crore to Citibank for the acquisition.

If the customers agree to Axis managing their business, their accounts, credit cards and other business will change over, else the relationship will terminate and they can exit with their deposits.

Axis Bank and Citibank together will ensure continuity of superior customer service levels, even post-closing of transaction, across all customer channels, Chaudhry said.

All Citibank customers will have to give consent to become Axis Bank customers after the deal gets regulatory approval, he said, adding, the transaction is expected to take 9-12 months to complete.

“We are delighted with the addition of an enviable retail franchise and a high-quality talent pool as we continue our journey towards becoming a premier financial services brand, in line with our GPS strategy framework. This is a significant milestone in Axis’ journey of growth and leadership and will bring in great value for all stakeholders. The amplified scale and width of offerings, the diversified portfolio of products and global best practices will enhance customer experience, while greater synergies both on revenue and cost side will augment value for the new franchise.”

“We look forward to collaborating with Citi’s experienced senior leadership team and diverse talent pool, as they join Axis’ 86,000+ strong, dedicated workforce. Axis Bank already has a rich network of Citi alumni across the hierarchy, which reflects cultural alignment between the two organizations. Given the expertise that Citi employees bring to the table, we view them as a significant addition to our existing team that will help drive synergy realization and our GPS objectives. We welcome all employees to the Axis Family and together we will serve our customers ‘Dil Se’,” he added.

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