Axis Bank to suspend UK subsidiary

Leading private sector bank, Axis Bank on Thursday announced its plan to shut down its UK subsidiary.

In a filing with the exchange, the bank said, “Axis Bank has decided to wind down its UK subsidiary and the move will not have any material impact on its financial position.”

“The bank has been reviewing its international strategy, and as part of this has adopted a clear objective to focus on the Indian Banking market and harness the potential there.” the filing said.

The filing added, “In line with the said objective, the Bank has taken a decision to fully wind down and close the operations of Axis Bank UK Limited, a subsidiary of the Bank and targeting for surrendering of the banking license by end of April 2021, which has been reviewed with the UK regulators viz. both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).”

“As an organization, the Bank is committed to delivering optimum value for all its stakeholders, in sync with the Bank’s core principles and the local policies as applicable. The Bank will ensure transparency and fairness in dealing with all its employees and customers of Axis Bank UK Limited, throughout this wind-down process,” the statement added.

Further adding to the statement, Axis Bank in its filing said, “Kindly note that Axis Bank UK limited is not a material subsidiary of the Bank, in terms of Listing Regulation and the above decision will not have any material impact on the operations or the financial position of the Bank.”