Axis Bank on Thursday said it has decided to wind down its UK subsidiary and the move will not have any material impact on its financial position. The lender has been reviewing its international strategy and as part of this, has adopted a clear objective to focus on the Indian banking market and harness the potential there, it said in a regulatory filing.
“In line with the said objective, the bank has taken a decision to fully wind down and close the operations of Axis Bank UK Ltd, a subsidiary of the bank and targeting for surrendering of the banking licence by end of April 2021, which has been reviewed with the UK regulators viz. both the Prudential Regulation Authority and the Financial Conduct Authority,” it said.
As an organisation, the bank is committed to delivering optimum value for all its stakeholders, in sync with its core principles and the local policies as applicable.
The bank will ensure transparency and fairness in dealing with all its employees and customers of Axis Bank UK Ltd throughout this winding down process, it said further.
“Kindly note that Axis Bank UK Limited is not a material subsidiary of the Bank, in terms of the Listing Regulation and that the above decision will not have any material impact on the operations or the financial position of the Bank,” it said.
Axis Bank stock settled at Rs 423.55 on the BSE, down 2.24 per cent from the previous close.
