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

Election 2014

REUTERS SHOWCASE

TCS Results

TCS Results

TCS net profit rises 51.5 percent, sees stronger sales growth.  Full Article | Quote 

Election 2014

Election 2014

Promises and more promises: India’s parties pitch their visions.  Full Article | Full Coverage 

India Markets

India Markets

Sensex slumps 207 points, at 2-1/2 week closing low.  Full Article 

Telecom Sector

Telecom Sector

RComm to raise mobile call tariff by up to 20 percent  Full Article 

Chinese Economy

Chinese Economy

China economic growth slows to 18-month low in first quarter  Full Article 

New Direction

New Direction

CEO Nadella pushes data culture at Microsoft.  Full Article 

Bitcoin ATM

Bitcoin ATM

China gets first bitcoin ATM, skirting bank crackdown.  Full Article 

Strong Sales Volume

Strong Sales Volume

Small is beautiful for Coca-Cola as volumes soar in China  Full Article 

Breakingviews

Breakingviews

Diageo throws money at Indian empire-building  Full Article 

Reuters India Mobile

Reuters India Mobile

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