Mumbai January 9, 2014 : Axis Bank, country’s third largest private lender, today said it has opened a branch in Shanghai after receiving permission from the China Banking Regulatory Commission.
With this, Axis Bank has become the first domestic private sector lender to have a branch presence in China, it said in a statement, adding, the regulatory approval came in last September.
The branch will engage in foreign currency businesses that includes all business approved by the banking supervision and regulatory authorities of the China, Axis Bank said.
Commenting on the development, Shanghai branch CEO and branch head Rajkumar Khosa said: “Axis Bank believes in providing top of the class service to its customers and is delighted with opening of new branch, a key milestone as China is an important destination for world economy.”
The branch will offer services like public deposits, short-to-long-term loans, discount and accept bills, buy and sell treasury bonds, financial bonds and other securities priced in foreign currencies other than shares.
With opening of Shanghai branch, Axis Bank’s overseas presence has grown to eight – five branches, one each in Singapore, Hong Kong, Dubai, Colombo, and Shanghai, two representative offices at Dubai and Abu Dhabi and an overseas subsidiary in London.- The Economic Times
