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:

Economic Pulse

Reuters Showcase

Reaction to Budget

Reaction to Budget

India budget unlikely to impact credit rating - agencies  Full Article 

PMI Data

PMI Data

Factory activity growth slows to five-month low in Feb  Full Article 

Documents Leaked

Documents Leaked

Indian Oil suspends official for leaking information - sources  Full Article 

Coal Auction

Coal Auction

India examines coal mine bids amid reports of discrepancies  Full Article 

Ola Buys Rival

Ola Buys Rival

Ola buys rival TaxiForSure for $200 million  Full Article 

Priority Sector

Priority Sector

RBI revises priority sector lending norms  Full Article 

Global Economy

Global Economy

Global stimulus swells as China eases, ECB to start soon on QE  Full Article 

Steel Industry

Steel Industry

Steelmakers hit by uncertainty over import duty hike   Full Article 

HP Buys Aruba

HP Buys Aruba

HP to buy Wi-Fi gear maker Aruba Networks for $2.7 billion  Full Article 

Reuters India Mobile

Reuters India Mobile

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