Axis Bank

In: Business and Management

Submitted By innovative
Words 850
Pages 4
History

Axis Bank began its operations in 1991, after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the Unit Trust of India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance Corporation Ltd., National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company. The Unit Trust of India holds a special position in the Indian capital markets and has promoted many leading financial institutions in the country.

Axis Bank (erstwhile UTI Bank) opened its registered office in Ahmedabad and corporate office in Mumbai in December 1993. The first branch was inaugurated in April 1994 in Ahmedabad by Dr. Manmohan Singh, then the Finance Minister of India.
Operations

Indian Business: As on 30-Sep-2013, the Bank had a network of 2225 branches and extension counters and 11796 ATMs.[5] Axis Bank has the largest ATM network among private banks in India[6][7] and it operates an ATM at one of the world’s highest sites at Thegu, Sikkim at a height of 4,023 meters (13,200 ft) above sea level.[8]

International Business: The Bank has seven international offices with branches at Singapore, Hong Kong, Dubai (at the DIFC) and Colombo and representative offices at Shanghai, Dubai and Abu Dhabi, which focus on corporate lending, trade finance, syndication, investment banking and liability businesses. In addition to the above, the Bank has a presence in UK with its wholly owned subsidiary Axis Bank UK Limited.[5][9]
Services

Axis Bank operates in four segments: Treasury operations, Retail banking, Corporate/Wholesale banking and other banking business.[10]

Treasury operations: The Bank’s treasury operation services include investments in sovereign and corporate debt, equity and mutual funds, trading operations,…...

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