About
Axis Bank is the third-largest private-sector bank in India with its head office in Mumbai, Maharashtra. It has 4,800 branches, 17,801 ATMs and 4,917 cash recyclers across the country as of 31 March 2020, It also operates nine international offices in Singapore, China, Dubai, Sri Lanka, Hong Kong, UK, and others. It also sells financial services to large and mid-size organisations, SMEs, and retail businesses.
Listing and Revenue
ICICI Bank is listed on both NSE and BSE stock exchange.
| Revenue | ₹ 62635.16 crore |
| Operating Income | ₹1,905 crore |
| Net Income | ₹ 4,677 crore |
| Total Assets | ₹ 80,0997 crore |
Products and Services
Axis Bank offers Retail, Corporate, Investment, and International banking services. It offers liability products, card services ATM services, internet banking, NRI services, financial advisory services, cash management services, capital market services, and investment banking services among others.
History
Axis Bank was founded in December 1993 as UTI Bank after the Government of India allowed new private banks to be established. Its registered office is in Ahmedabad and corporate office in Mumbai.
The bank was promoted in 1993 jointly by the Administrator of the Unit Trust of India (UTI-I), Life Insurance Corporation of India (LIC), The New India Assurance Company, General Insurance Corporation, National Insurance Company, The Oriental Insurance Corporation, and United India Insurance Company.
Axis Bank’s first branch was inaugurated on 2 April 1994 in Ahmedabad by Dr. Manmohan Singh who was finance minister of India.
In 2003, it became the first Indian bank to launch a travel currency card. In 2005, it was listed on the London Stock Exchange.
Axis Bank opened its first international branch in 2006 in Singapore. That same year it opened an office in Shanghai, China. In 2007, UTI Bank opened a branch in the Dubai International Financial Centre and branches in Hong Kong.
On 30 July 2007, UTI Bank changed its name to Axis Bank and in 2009, Shikha Sharma was appointed as the MD and CEO of Axis Bank.
Axis Bank inaugurated a branch in Colombo, Sri Lanka in October 2011. It also opened an office in Abu Dhabi in the same year and opened Axis House as its new corporate office in Mumbai.
Axis Bank's subsidiary, Axis Bank UK started banking operations in 2013 with a branch in London.
Acquisitions
In 2004, the RBI put Global Trust into moratorium and supervised its merger with the Oriental Bank of Commerce.
Awards and Recognitions
Axis Bank has received several awards and recognitions. Some of the prominent ones include Best Banking Technology at the IAMAI Digital Awards, Data Science/AI in BFSI category at the Cyber Analytics Awards, BW Businessworld 6th Smart Cities Conclave & Mega Awards for the Best Mobile App, Best Use of Partnership in a Loyalty Program at the loyalty Awards 2017, Best Domestic Bank in India - Asiamoney Best Domestic Banks Awards 2016, Innovation in Social Pay - Aegis Graham Bell Awards 2015, and Bank of the Year in India - Banker Magazine, Financial Times among others.
Subsidiaries
Axis Capital Ltd. was incorporated in India as a fully-owned subsidiary of the bank on 6 December 2005 and received its certificate of commencement of business on 2 May 2006. Certain businesses of M/s. Enam Securities Pvt. Ltd. was merged with Axis Capital Ltd. as part of a scheme and the following companies became direct subsidiaries of ACL including Axis Securities Ltd., Axis Finance Ltd., Axis Securities Europe Ltd., Enam International Ltd., UAE , and Axis Private Equity Ltd.