Under the deal worth Rs 12,325 crore, announced on March 30, Axis Bank would take over Citi's credit cards, personal loans and wealth management businesses that are focused on the affluent segment
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The transaction comprises the sale of the consumer businesses of Citibank India, which includes credit cards, retail banking, wealth management, and consumer loans.
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Before Citi's exit from the consumer banking business was announced on Wednesday, global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of Australia have scaled down their operations in India.
In his new role, Sachdeva will be responsible for creating a robust transparent platform that will ease buying and selling of steel and other products for manufacturing and construction MSMEs in the country
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
The development comes almost a year after Citibank had announced in April last year, that it will exit consumer business in 13 countries including India, as...