Axis Bank launches Infra Index
13 Oct 2010
RBI has granted approval to private sector lender Axis Bank to set up a subsidiary in the UK and a permission to convert its Shanghai representative office into full-fledged branch.
"We have approval to convert Shanghai into a branch. We also have RBI approval to set up a subsidiary in the UK," Axis Bank managing director Shikha Sharma said after launching the bank's 'Infra Index' in New Delhi yesterday.
"We are looking at the business opportunity there and at an appropriate time, we will think about the UK presence," she said.
Axis Bank's India network spans over 1,090 branches and over 4,700 ATMs.
After launching Axis Infra Index, she said there was an expectation that credit growth would likely pick up in the next couple of quarters.
The bank's total net advances grew 28 per cent on Y-o-Y basis to Rs1,04,343 crore in 2009-10.
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