Axis Bank launches UK subsidiary

Expanding its overseas presence, private sector lender Axis Bank today said it has launched its subsidiary in the United Kingdom for full banking operations.

'Axis Bank UK Ltd' received approval from the British regulators on April 29, 2013 to carry out the entire range of banking business, including deposit taking, disbursing loans, advances and investments, the Indian lender said.

"The opening of the subsidiary is a key milestone for us as United Kingdom is an important destination for many overseas Indian companies," Axis Bank managing director and chief executive Shikha Sharma said. Sharma is also chairperson of Axis Bank UK.

The third-largest Indian private lender said it would also participate in corporate and retail banking with leveraging of business opportunities available in the UK and the rest of European Economic Area (EEA).

With the new branch, the bank's overseas presence has grown to eight offices. Axis Bank currently has four branches abroad - one each in Singapore, Hong Kong, DIFC (Dubai) and Colombo - and three representative offices at Shanghai (China), Dubai and Abu Dhabi.