Axis Bank to close British subsidiary, focus on Indian business
Jul 03, 2020
Mumbai (Maharashtra) [India], July 3 : Private sector lender Axis Bank is fully winding down and closing operations of its subsidiary in Britain as it focuses on the Indian banking sector.
The bank said it has been reviewing its international strategy. As part of this, it has adopted a clear objective to focus on the Indian banking market and harness the potential.
"In line with this objective, the bank has taken a decision to fully wind down and close the operations of Axis Bank UK Ltd, a subsidiary of the bank, and targeting for surrendering of the banking licence by end of April 2021," it said in regulatory filings at stock exchanges late on Thursday after closing hours.
The bank said the plan has been reviewed by both the British regulators -- the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
The bank said it is committed to delivering optimum value for all its stakeholders in sync with its core principles and the local policies as applicable.
"The bank will ensure transparency and fairness in dealing with all its employees and customers of Axis Bank UK Ltd throughout this wind down process."
Axis Bank UK Limited is not a material subsidiary of the bank in terms of the listing regulation and the decision will not have any material impact on the operations or the financial position of the bank, it added.
