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Axis Bank
Axis Bank Limited is an Indian multinational banking and financial services company headquartered in Mumbai. It is India's third largest private sector bank by assets and fourth largest by market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.
As of 30 June 2016, 30.81% shares are owned by the promoters and the promoter group (United India Insurance Company Limited, Oriental Insurance Company Limited, National Insurance Company Limited, New India Assurance, General Insurance Corporation of India, Life Insurance Corporation of India and Unit Trust of India). The remaining 69.19% shares are owned by mutual funds, FIIs, banks, insurance companies, corporate bodies and individual investors.
The bank was founded on 3 December 1993 as UTI Bank as a part of Unit Trust of India, a Government of India entity, opening its registered office in Ahmedabad and a corporate office in Mumbai. The bank was promoted jointly by the Administrator of the Unit Trust of India (UTI), Life Insurance Corporation of India (LIC), General Insurance Corporation, National Insurance Company, The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company. The first branch was inaugurated on 2 April 1994 in Ahmedabad by Manmohan Singh, then finance minister of India.[citation needed]
In 2001 UTI Bank agreed to merge with Global Trust Bank, but the Reserve Bank of India (RBI) withheld approval and the merger did not take place. In 2004, the RBI put Global Trust under moratorium and supervised its merger with Oriental Bank of Commerce. The following year, UTI bank was listed on the London Stock Exchange. In 2006, UTI Bank opened its first overseas branch in Singapore. The same year it opened an office in Shanghai, China. In 2007, it opened a branch in the Dubai International Financial Centre and branches in Hong Kong.
On 30 July 2007, UTI Bank changed its name to Axis Bank.
In 2009, Shikha Sharma was appointed as the MD and CEO of Axis Bank.
In 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations.
In March 2014, the Indian government sold a 9% stake, out of its total 20.7% stake in Axis Bank.
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Axis Bank
Axis Bank Limited is an Indian multinational banking and financial services company headquartered in Mumbai. It is India's third largest private sector bank by assets and fourth largest by market capitalisation. It sells financial services to large and mid-size companies, SMEs and retail businesses.
As of 30 June 2016, 30.81% shares are owned by the promoters and the promoter group (United India Insurance Company Limited, Oriental Insurance Company Limited, National Insurance Company Limited, New India Assurance, General Insurance Corporation of India, Life Insurance Corporation of India and Unit Trust of India). The remaining 69.19% shares are owned by mutual funds, FIIs, banks, insurance companies, corporate bodies and individual investors.
The bank was founded on 3 December 1993 as UTI Bank as a part of Unit Trust of India, a Government of India entity, opening its registered office in Ahmedabad and a corporate office in Mumbai. The bank was promoted jointly by the Administrator of the Unit Trust of India (UTI), Life Insurance Corporation of India (LIC), General Insurance Corporation, National Insurance Company, The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company. The first branch was inaugurated on 2 April 1994 in Ahmedabad by Manmohan Singh, then finance minister of India.[citation needed]
In 2001 UTI Bank agreed to merge with Global Trust Bank, but the Reserve Bank of India (RBI) withheld approval and the merger did not take place. In 2004, the RBI put Global Trust under moratorium and supervised its merger with Oriental Bank of Commerce. The following year, UTI bank was listed on the London Stock Exchange. In 2006, UTI Bank opened its first overseas branch in Singapore. The same year it opened an office in Shanghai, China. In 2007, it opened a branch in the Dubai International Financial Centre and branches in Hong Kong.
On 30 July 2007, UTI Bank changed its name to Axis Bank.
In 2009, Shikha Sharma was appointed as the MD and CEO of Axis Bank.
In 2013, Axis Bank's subsidiary, Axis Bank UK commenced banking operations.
In March 2014, the Indian government sold a 9% stake, out of its total 20.7% stake in Axis Bank.