Axis Bank

Axis Bank

Axis Bank is the fourth-largest[citation needed] Indian bank offering a wide assortment of financial products. The bank has its head office in Mumbai, Maharashtra. It has 4,800 branches, 17,801 ATMs and 4,917 cash recyclers spread across the country as of 31 March 2020 and nine international offices. The bank employs over 1,30,000 people and had a market capitalization of ₹2.31 trillion (US$32 billion) (as on 31 March 2020). It sells financial services to large and mid-size corporates, SME and retail businesses.

As of 30 June 2016, 30.81% shares are owned by promoters and promoter group (United India Insurance Company Limited, Oriental Insurance Company Limited, National Insurance Company Limited, New India Assurance Company Ltd, GIC, LIC and UTI). The remaining 69.19% shares are owned by mutual funds, FIIs, banks, insurance companies, corporate bodies and individual investors among others.

The bank was founded in December 1993, as UTI Bank, opening its registered office in Ahmedabad and corporate office in Mumbai.UTI Bank began its operations in 1993, after the Government of India allowed new private banks to be established. The bank was promoted in 1993 jointly by the Administrator of the Unit Trust of India (UTI-I),[11] Life Insurance Corporation of India (LIC), General Insurance Corporation, National Insurance Company, The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company. The first branch was inaugurated on 2 April 1994 in Ahmedabad by Dr. Manmohan Singh, the then finance minister of India.

In 2001 UTI Bank agreed to merge with Global Trust Bank, but the Reserve Bank of India (RBI) withheld approval and the merger did not happen. In 2004, the RBI put Global Trust into moratorium and supervised its merger with Oriental Bank of Commerce.

In 2003, UTI Bank became the first Indian bank to launch a travel currency card.In 2005, it was listed on London Stock Exchange.

UTI Bank opened its first overseas branch in 2006 in Singapore. That same year it opened a representative office in Shanghai, China. In 2007, UTI Bank opened a branch in the Dubai International Financial Centre and branches in Hong Kong. In 2008, it opened a representative office in Dubai.

With effect from 30 July 2007, UTI Bank changed its name to Axis Bank.

In 2009, Shikha Sharma was appointed as the MD and CEO of Axis Bank.

Axis Bank opened a branch in Colombo in October 2011, as a Licensed Commercial Bank supervised by the Central Bank of Sri Lanka. Also in 2011, Axis Bank opened a representative offices in Abu Dhabi.In 2011, Axis bank inaugurated Axis House, its new corporate office in Worli, Mumbai.

In 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations. Axis Bank UK has a branch in London.

Bollywood actress Deepika Padukone is the brand ambassador of Axis Bank.

In 2014, Axis Bank launched  its first ‘All Women Branch’ in Patna.

In 2015, Axis Bank opened its representative office in Dhaka.

In 2019, Amitabh Chaudhry takes over as the MD and CEO from 1 January.

As of 31 March 2016, the bank has over 50,001 employees. It spent ₹26.7 billion (US$370 million) on employee benefits during the FY 2012–13

Referenceshttps://en.wikipedia.org/wiki/Axis_Bank