Axis Bank to wind up UK subsidiary

PTI | | Updated on: Aug 05, 2022

A customer enters a branch of Axis Bank in Mumbai, India, January 22, 2018. REUTERS/Danish Siddiqui | Photo Credit: Balaji W S@Chennai

Axis Bank and OpenPayd Holdings have both terminated the share purchase agreement

Axis Bank will wind up its UK subsidiary following termination of an agreement to sell 100 per cent of the stake to OpenPayd Holdings Ltd.

In March 2021, Axis Bank had informed the exchanges about entering into a share purchase agreement with OpenPayd Holdings for sale of 100 per cent stake in Axis Bank UK Ltd.

"In this connection, we wish to inform you that both the parties have mutually decided not to go ahead with the aforesaid transaction and accordingly have terminated the Share Purchase Agreement," the bank said in a regulatory filing.

The bank will now initiate the winding up process of Axis Bank UK Limited, it added.

Published on August 05, 2022
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