Axis Bank gets RBI nod to set up UK arm

Private sector lender Axis Bank today said it has received approval from the Reserve Bank of India (RBI) to set up a subsidiary in the UK, as well as permission to upgrade its Shanghai representative office into a branch.

"We have approval to convert Shanghai into a branch. We also have RBI approval to set up a subsidiary in the UK," Axis Bank Managing Director Shikha Sharma said after launching the bank's 'Infra Index' here.

"We are looking at the business opportunity there and at an appropriate time, we will think about the UK presence," she said.

Besides Shanghai, Axis Bank has a presence in Singapore, Hong Kong and Dubai.

Asked about the significance of the forthcoming board meeting of the company in Shanghai on October 14, she said the bank has been having board meetings at overseas locations on a rotation basis so that board members get the opportunity to interact with employees of the bank there.

This time it is being held at Shanghai (China), she said, adding that the bank will approach the regulatory authorities for upgrading its Chinese office into a branch.

Talking about Axis Infra Index, Sharma said the index is designed to convey a composite assessment of investor confidence in the infrastructure segment in India.

It is intended to facilitate interpretation of capex, financial, policy, regulatory, tax and other associated developments, which influence investor confidence, she added.

Across India, Axis Bank has a network of over 1,090 branches and over 4,700 ATMs.