AXIS BANK SEEKS NOD FOR UK ARM

Axis Bank has sought the government’s permission to set up a subsidiary in the UK and looks set to become the second Indian private sector bank after ICICI Bank to have a British arm. This is Axis Bank’s first attempt to set up an overseas arm. The bank has got permission from RBI and commerce ministry, but the ministry of external affairs (MEA) is yet to give its approval. The finance minister will take the final call once MEA clears the deck. The bank is also looking at a strategic alliance with a UK-based bank to scale up its operations.  

Already, PSU banks such as PNB and Bank of Baroda have their subsidiaries in the UK. While, Bank of India, Canara Bank and Syndicate Bank have their branches.


Source: http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/Axis-Bank-seeks-nod-for-UK-arm/articleshow/5585855.cms