Finally, Citi India users can open an account with Axis Bank. The country's third-largest private sector bank is now integrating the foreign bank's operations, a year after the high-profile Axis Bank-Citi retail assets transaction was finalised.

Axis Bank's low-cost current account and savings account (CASA) share of total deposits increased by 150 basis points—from 44.50 to 46.0%—as a result of the Citi acquisition. Axis Bank's market share rose from 11.4 percent to 16.2 percent as a result of the inclusion of Citi's credit card portfolio. What matters is that Axis consumers spend Rs 1.52 lakh annually per card, compared to Rs 2.03 lakh for Citi customers.

Then, Citi's wealth management division draws in its affluent clientele, which includes Citigold and Citi Priority members with an average age of more than ten years. The majority of Citi's customers are under 45, which is an attractive age group given their high lifetime value. The hiring of high-calibre Citi workers who have received training in international best practices would also improve Axis Bank's capacity for client service.

“This acquisition is a strategic fit in line with the bank’s ‘GPS’ strategy and its focus on premium segment growth. We have gained access to a large, affluent and profitable customer franchise that also aligns well with our premiumisation strategy,” said Amitabh Chaudhry, MD & CEO of Axis Bank.