According to a senior bank executive, the acquisition of Citi India’s consumer businesses is proceeding as planned, and Axis Bank has no worries about cardholder attrition or the asset quality of the card portfolio.
According to Sanjeev Moghe, president and head of cards and payments at Axis Bank, the bank is confident in the portfolio for which it has performed due diligence and the bid price.
According to Moghe, the integration process would gain speed and be finished over the course of the following 18 to 24 months once the statutory permissions for the deal are received.
Given that the degrowth trend predates the announcement of the acquisition, Axis Bank isn’t very concerned about the loss of users in Citi’s card portfolio.
According to Moghe, Citi may have experienced a slowdown in client acquisition as a result of Covid-related problems, and all banks must deal with the simultaneous acquisition and loss of cardholders.
Having said that, Citi has substantial advantages in that its portfolio is wealthier than the general market.
As a result, their spending is a pretty good indication of what is going on. Spending overall is increasing, therefore those indicators appear to be accurate, the source added.
Axis Bank and EazyDiner announced the debut of Dining Delights, a program that rewards bank members for dining out. Benefits of the service include the ability to select from more than 10,000 exclusive restaurants in India and Dubai, fast confirmation of table reservations, and special discounts for reservations made through the EazyDiner app.
