Axis Bank to open for business in Britain

LONDON Thu Jul 11, 2013 11:08pm IST

An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai July 17, 2012. REUTERS/Vivek Prakash/Files

An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai July 17, 2012.

Credit: Reuters/Vivek Prakash/Files

Related Topics

LONDON (Reuters) - Axis Bank, India's third-biggest privately owned lender, has been granted a banking license in Britain and will open its first branch in the City of London on Friday.

The bank received approval in April from Britain's financial regulator to provide a full range of banking services including deposit-taking and making loans and investments, it said on Thursday.

Britain is encouraging new banks to open to increase competition in financial services. It has introduced measures to encourage new entrants including allowing start-up banks to hold less capital than their established rivals.

Axis Bank UK's Chief Executive Cyril Anand said it would pursue corporate and retail banking opportunities in Britain and Europe having already expanded outside of India into Singapore, Hong Kong and Sri Lanka.

"With its presence in the major financial hubs in Asia, the bank is in a position to complement the business arising from the UK," he said.

(Reporting by Matt Scuffham. Editing by Jane Merriman)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Popularity Poll

REUTERS SHOWCASE

Record Highs

Record Highs

Nifty touches record high; software stocks gain.  Full Article 

New Adviser

New Adviser

Arvind Subramanian likely to be chief econ adviser.  Full Article 

Pricing Mechanism

Pricing Mechanism

Govt sets up a four-member panel to re-examine gas pricing.  Full Article 

Royalty Rates

Royalty Rates

India to hike iron ore royalty, miners may struggle to pass on extra cost.  Full Article 

Diesel Deregulation

Diesel Deregulation

Oil ministry to seek Cabinet nod on diesel deregulation - sources  Full Article 

Commodities

Commodities

Gold near two-month low; set for weekly drop on interest rate fears  Full Article 

Reuters Exclusive

Reuters Exclusive

Apple iPhone 6 screen snag leaves supply chain scrambling   Full Article 

Helping Regional Mills

Helping Regional Mills

Govt raises sugar import duty to 25 pct from 15 pct.  Full Article 

Curbing Risks

Curbing Risks

RBI to lower ceiling on bank loans to a single corporate group.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage