Axis Bank is an Indian private sector bank headquartered in Mumbai. Founded in December 1993, it is the third-largest private sector bank in India and has more than 3500 branches and 55,000 employees.
Originally known as UTI Bank, Axis’ first offices were opened in Mumbai and Ahmedabad after the Indian government passed a ruling allowing for the formation of new private banks. It is 31% owned by promoters and promoter groups, with the remaining 69% owned by investors, insurance companies, corporations and mutual funds.
UTI was the first Indian bank to issue travel currency cards and opened its first overseas branch (Singapore) in 2006. Operations in Shanghai, Dubai, Hong Kong, Sri Lanka, Abu Dhabi and Dhaka followed. The company’s name was changed to Axis Bank in 2007. Axis opened its wholly owned UK subsidiary, Axis Bank UK, in 2013. The subsidiary is based in London.
Axis Bank Products and Services
Personal banking customers can choose from current and fixed term accounts. Current accounts have no minimum balance and can be opened in GBP, USD or Euro. These accounts do not earn interest. Customers looking to earn interest will need to opt for a fixed-term account (terms from 1-5 years are available), which have a minimum balance of £1000 and from which money cannot be withdrawn before the end of the term.
Axis Bank UK also provides services to Non-Resident Indians living in the UK, including term deposits, home loans and rupee savings accounts.
Axis Bank provides loans and trade finance to corporate customers. Lending options include loans, revolving credit, overdrafts and loans against deposits. Trade finance services include:
Pre and post-shipment financing
Letters of credit
Axis Bank Security
Axis Bank UK is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority. Eligible deposits up to £85,000 are covered by the Financial Services Compensation Scheme (FSCS).