Axis Bank: History & Growth | Axis Bank Share Price – Stocks
Mumbai, Maharashtra-based Axis Bank Limited, formerly known as UTI Bank (1993–2007).
About Axis Bank: As of June 30, 2016, the promoters and the promoter group controlled 30.81% of the shares (United India Insurance Company Limited, Oriental Insurance Company Limited, National Insurance Company Limited, New India Assurance Company Ltd, GIC, LIC and UTI). Mutual funds, FIIs, banks, insurance providers, business entities, and individual investors collectively control 69.19% of the outstanding shares.
Mumbai, Maharashtra-based Axis Bank Limited, formerly known as UTI Bank (1993–2007), is an Indian banking and financial services organization. It offers financial services to big and small corporations, SMEs, and retail outlets.
The bank was established as UTI Bank on December 3, 1993, with a corporate office in Mumbai and an Ahmedabad registered office. The bank was jointly marketed by the Life Insurance Corporation of India (LIC), the Administrator of the Unit Trust of India (UTI), the Oriental Insurance Corporation, the United India Insurance Company, the General Insurance Corporation, and the New India Assurance Company.
Establishment Axis Bank
The first location was opened on April 2, 1994, in Ahmedabad by Manmohan Singh, who was India’s finance minister at the time. UTI Bank and Global Trust Bank agreed to join in 2001, but because the Reserve Bank of India (RBI) postponed clearance, the merger never happened. The RBI imposed a freeze on Global Trust in 2004 and oversaw its merger with Oriental Bank of Commerce.
The UTI Bank was listed on the London Stock Exchange the following year. UTI Bank established its first international office in Singapore in 2006. In the same year, a branch was established in Shanghai, China.
Growth Axis Bank
It established operations in Hong Kong and the Dubai International Financial Center in 2007. Axis Bank replaced UTI Bank as the company’s name on July 30, 2007. Shikha Sharma was chosen to serve as the MD and CEO of Axis Bank in 2009. Axis Bank UK, a subsidiary, started conducting banking business in 2013.
Amitabh Chaudhry was appointed MD and CEO on January 1st of this year. The Bank’s ownership of Yes Bank fell from 2.39 percent to 1.96 percent in 2021.
The bank had a network of 4,096 branches, extension counters, and 12,922 ATMs as of August 12, 2016. The largest private bank ATM network in India belongs to Axis Bank.
Development Axis Bank
Even at one of the world’s highest locations, Thegu, Sikkim, which is 4,023 meters (13,200 feet) above sea level, it manages an ATM. The bank has nine overseas locations, including branches in Singapore, Hong Kong, Dubai (at the DIFC), Shanghai, and Colombo, as well as representative offices in Dhaka, Dubai, Sharjah, and Abu Dhabi.
These locations are primarily used for corporate lending, trade finance, syndication, investment banking, and liability business. Axis Bank UK Limited, the bank’s sole subsidiary, is also present in the UK in addition to the aforementioned entities.