What will happen to Citi credit, debit card customers after the acquisition of Axis Bank?

axis Bank will consider 12,325 crore to Citibank for the acquisition. So what about Citi’s credit and debit card customers? Here’s what we know so far. key details

Post the acquisition, Axis Bank will have 28.5 million savings accounts, over 2.3 million Burgundy customers and 10.6 million cards.

The transaction will also involve approximately 3,600 Citi employees supporting consumer businesses in India, who will move to Axis upon completion of the proposed transaction.

Axis Bank will acquire Citibank’s loan, credit card, wealth management and retail banking operations.

According to a statement by Amitabh Choudhary, MD, Axis Bank, the customers of Citibank will continue to avail all the rewards, privileges and offers which they were entitled to after the first acquisition.

If customers agree to let Axis manage their business, their accounts, credit cards, and other businesses will change, otherwise the relationship will end and they can run out of their deposits.

All Citibank customers will have to give their consent to become Axis Bank customers once the transaction gets regulatory approval. The completion of the transaction is expected to take 9-12 months.

Citibank customers will also benefit from Axis Bank’s enhanced scale, large geographic reach and breadth of products and offerings.

Axis Bank is poised to harness Citiphone banking prowess to ensure continuity of service excellence for Citibank customers and enhance services for Axis Bank customers.

The bank will have access to 7 offices, 21 branches and 499 ATMs in 18 cities.

The highly rated Axis Mobile App offering digital banking and 250+ services will be an added advantage for customers having instant access to view and transact across product categories such as deposit, investment, payment and security solutions.