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Axis Bank has decided to shut down operations in the United Kingdom as part of its plans to focus on the Indian market.
In a statement issued to the stock exchanges, the bank said that it 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.
“ 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 surrender the banking licence by the end of April 2021,” the bank said in a statement.
The bank’s decision has been reviewed with the UK regulators – both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
“As an organidation, 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,” it added.
Axis Bank had reported a standalone net loss of ₹1,387.78 crore for the fourth quarter of FY20 against a net profit of ₹1,505.06 crore in the same period a year ago.
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