India's third largest private lender Axis Bank is winding up its subsidiary in Britain after a deal with financial firm OpenPayd failed, it said in a regulatory filing on Thursday. Axis Bank first said in 2020 that it will be winding down its UK operations. Currently, the bank's international strategy is to focus on Indian corporates that have global operations, it said in an investor presentation in the results of the quarter ended June.
MUMBAI (Reuters) -Indian private lender Axis Bank has decided to bulk up its credit card and retail businesses with a $1.6-billion purchase of Citigroup Inc's local consumer banking arm. The deal announced https://www.bseindia.com/xml-data/corpfiling/AttachLive/83190dcd-4ae6-45f4-b3fa-8d39d91a4aa6.pdf on Wednesday is Axis Bank's largest by far and would expand its credit card customer base by 31%, narrowing the gap with the third-biggest player ICICI Bank. "The acquisition strengthens our market position, reduces gap in key segments with peers and provides opportunity to accelerate retail business growth," Amitabh Chaudhry, managing director and CEO of Axis Bank, said at a press conference.
India's Axis Bank has started offering structured derivative products to leading companies including Reliance Industries after a ban on these deals was lifted by the Reserve Bank of India effective Monday. Axis Bank, India's third-largest private sector bank said the first of these transactions was executed with Reliance Industries which involved the use of Barrier FX options for their currency risk management, it said in a statement. The bank also concluded another transaction with Supreme Petrochem Ltd.