Mumbai: Axis Bank Ltd on Friday said it had opened its first overseas subsidiary in the UK.
Axis Bank UK Ltd, which got a licence from the UK regulators on 19 April, has set up a branch in King Street in London, through which it will accept deposits and make advances and investments, the bank said in an emailed statement.
“The bank would participate in corporate banking, retail banking and leverage business opportunities available in the UK and the rest of European Economic Area (EEA) through its London branch,” said Cyril Anand, managing director and CEO of Axis Bank UK.
“United Kingdom is an important destination for many overseas Indian companies. We are excited to be a part of their success and thrilled to be open for business in the UK,” said Shikha Sharma, managing director and CEO of Axis Bank.
Axis Bank has four other overseas branches—one each in Singapore, Hong Kong, Dubai and Colombo—besides three representative offices in Shanghai, Dubai and Abu Dhabi.