In a first of its kind arrangement between two lenders, Citi and Axis Bank have agreed to co-locate or share 13 branches to ensure smooth transition of the business of the US bank to India's domestic lender.
Axis Bank, the country’s third-largest private sector lender, has acquired the consumer businesses of Citibank India and its non-banking finance arm, Citicorp Finance (India) Ltd, for Rs 11,603 crore.
On March 1, Axis Bank said that it had gained access to 21 of the Citi branches.
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