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Axis Bank

Axis Bank began operations in 1994 in India as a privately owned bank. It was jointly promoted in 1993 by major public sector insurance companies. Axis Bank originally opened as UTI Bank in Ahmedabad and Mumbai, and focused on expanding operations within India through branches and subsidiaries over the following decades. The bank also gradually expanded its international operations through representative offices and branches in locations like Singapore, Hong Kong, Shanghai, Dubai and London. Axis Bank has received several awards and recognition for its performance and operations over the years.

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Manjunath Anchan
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333 views1 page

Axis Bank

Axis Bank began operations in 1994 in India as a privately owned bank. It was jointly promoted in 1993 by major public sector insurance companies. Axis Bank originally opened as UTI Bank in Ahmedabad and Mumbai, and focused on expanding operations within India through branches and subsidiaries over the following decades. The bank also gradually expanded its international operations through representative offices and branches in locations like Singapore, Hong Kong, Shanghai, Dubai and London. Axis Bank has received several awards and recognition for its performance and operations over the years.

Uploaded by

Manjunath Anchan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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History

Axis Bank began its operations in 1994, 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), Life Insurance Corporation of India(LIC), General Insurance Corporation
Ltd., National Insurance Company Ltd., The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance
Company. The Unit Trust of India holds a special position in the Indian capital markets and has promoted many leading financial institutions
in the country.
Axis Bank (erstwhile UTI Bank) opened its registered office in Ahmedabad and corporate office in Mumbai in December 1993. 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 and amalgamate Global Trust Bank, but the Reserve Bank of India (RBI) withheld approval and
nothing came of this. In 2004 the RBI put Global Trust into moratorium and supervised its merger into Oriental Bank of Commerce.
UTI Bank opened its first overseas branch in 2006 Singapore. That same year it opened a representative office in Shanghai, China.
UTI Bank opened a branch in the Dubai International Financial Centre in 2007. That same year it began branch operations in Hong Kong.
The next year it opened a representative office in Dubai.
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 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations. Axis Bank UK has a branch in London.
In 2014, Axis Bank upgraded its representative office in Shanghai to a branch.

Awards and recognitions[edit]

Bank of the Year Money Today FPCIL Awards 201213[18]


Best Bank CNBC-TV18 Indias Best Bank and Financial Institution Awards 2012
Best Bank Runner-up Outlook Money Awards 2012
'Consistent Performer' in 'Indias Best Banks 2012 survey' by Business Today and KPMG[19]
Fastest Growing Large Bank Dun & Bradstreet Polaris Financial Technology Banking Awards 2012
Fastest Growing Large Bank Businessworld Best Banks Survey 2012
Best Domestic Bond House The Asset Triple A Country Awards 2012
India Bond House of the year IFR ASIA Country Awards 2012
Deal Maker of the Year in Rupee Bonds Businessworld Magna Awards India's Best Deal Makers 2012
The Best Emerging Bullion Dealing Bank 9th India International Gold Convention-2011-12
Best Acquiring Institution in South Asia Visa LEADER Award at Visas 2012 APCEMEA Security Summit, Bali
Gold Shield for Excellence in Financial Reporting in the Private Banks category 201112 from Institute of Chartered Accountants of
India

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