The bank has identified over 60 synergy initiatives across the Bank to drive revenue and cost benefits, the CEO said. 'While the acquired Citi business being entirely retail runs at a higher cost, it comes with higher return ratios and is ROE accretive post integration,' Chaudhry, said adding it does not impede our ability to deliver our aspirational ROE. Axis Bank put out a video advertisement to welcome Citibank’s 30 lakh plus customers on March 1.Ĭhaudhry said the bank has already started incremental onboarding of erstwhile ‘Suvidha’ salary accounts on Axis Bank platform for additional locations across the country where Citi was hitherto not present. The deal happened after Citigroup in 2021 announced its decision to shutter its retail banking operations in 13 countries, including India, as part of a global business strategy. The deal, which was announced in March 2022, saw India’s third-largest private sector bank absorbing Citibank’s consumer businesses, covering loans, credit cards, wealth management and retail banking operations in India.

On March 1, Axis Bank said it completed the acquisition of Citibank’s consumer business. 'Our interactions with several high-value customers suggest their acknowledgement of the seamless transition,' Chaudhry added.

The integration of Citibank India Consumer Business remains well on track with around 3,200 Citi employees now part of the bank, Axis Bank managing director and chief executive officer Amitabh Chaudhry said in his message to shareholders.Īlso, early traction from the Citibank customer base has been quite positive, Chaudhry said.

Citi global consumer banking analyst