The Axis Financial institution-Citibank deal is a company one. Nevertheless, what does this imply for the end-user? We spoke to educated individuals to reply some incessantly requested questions
Axis Financial institution will purchase Citibank’s Indian client enterprise for $1.6 billion in an all-cash deal. The transaction consists of the sale of Citibank India’s client banking companies, which embrace bank cards, retail banking, wealth administration and client loans, Citigroup mentioned in a launch.
Whereas the deal doesn’t cowl Citi’s institutional shopper companies in India, the assertion clarified, “Citi is dedicated and centered on serving institutional purchasers in India and globally”.
Nevertheless, it is a company deal. What does this imply for the top consumer? We talked to individuals to seek out out the solutions to the next questions:
Does something change particularly for Citi credit score cardholders?
There might be no change on the product worth proposition degree. Actually, it can solely be extra useful as Axis offers might be prolonged to Citi prospects.
What concerning the presents, factors and money again on their card?
All presents, advantages and privileges for Citi prospects will proceed as they’re at current. no change.
Will it’s a must to do a brand new KYC?
KYC isn’t required to onboard Citi prospects. Refresh KYC as per threat band as and when required.
Will new playing cards be issued with Axis card branding?
New playing cards might be issued with Axis branding. Nevertheless, that time will come a lot later than the two earlier levels – the primary 9/12 months, and the second 12/18 months.
(edited by : Abhishek Jha,