What Axis Bank's acquisition of its consumer biz means for Citi's customers

Products such as home loans and credit/debit cards will undergo no change; but in case there are changes, the customer will be duly informed

On Wednesday, Axis Bank, India’s third largest private sector lender, completed the acquisition of Citibank India’s consumer business and the consumer business of its non-banking finance arm Citicorp Finance (India) Ltd for Rs 11,603 crore. With this deal, Citi’s credit cards, retail banking, wealth management, and consumer loan businesses, and the consumer business of Citicorp Finance (India) Limited will stand transferred to Axis Bank.

Business Standard explains what this acquisition will mean for Citibank's retail customers. Edited Excerpts:

Will there be a change in the account number?

Customers having bank accounts with Citibank can continue to use their Citi account