Citibank Removes Signboard From Iconic Kolkata Office From Where It Began India Operations
NDTV
American banking major Citi entered India in 1902 and started the consumer banking business in 1985.
In what is termed as the 'end of an era', Citibank has taken down its signboard from its landmark Kanak Building office on Kolkata's Chowringhee road. The move comes in the wake of Axis Bank's acquisition of Citibank's India consumer business.
Notably, American banking major Citi entered India in 1902 and started the consumer banking business in 1985. It was at the Kolkata office where the bank started its operations in India. However, as part of the rebranding exercise with Axis bank, the landmark signboard has been removed.
Last year, Axis Bank announced it would acquire US-based Citi's consumer business in India for ₹ 12,325 crores in one of the largest deals in the Indian financial services space, which will help it close the gap with larger peers like ICICI Bank and HDFC Bank.
"Axis Bank has grown all these years organically and has scaled well. But our aspirations are bigger. This deal gives us that strategic thrust to close the gap between us and some of our peers," its chief executive and managing director Amitabh Chaudhry told reporters after the deal.
