Axis Bank, headquartered in Mumbai, is among the largest private-sector banks in India. The bank’s story began in 1993 when it was incorporated as UTI Bank. It was among the first private-sector banks to commence commercial operations in the country. Initially, UTI Bank was promoted by the Unit Trust of India, LIC and General Insurance Corporation of India apart from four other public sector insurance companies. Five years later, UTI Bank would launch its Initial Public Offer (IPO) in 1998. In the following year, UTI Bank entered the credit card business after launching an international co-branded credit card with Citibank. At the start of the millennium, UTI Bank launched `iConnect', its first internet banking product. 2004 saw two major developments for UTI Bank as Hongkong and Shanghai Banking Corporation (HSBC) acquired a 14.6 per cent stake in it and it partnered with Bajaj Allianz General Insurance in order to sell general insurance products in the country. 2006 was the year in which UTI Bank launched its own credit card business. 2007 was perhaps the most significant year of the bank as it underwent a massive rebranding exercise to change its name from UTI Bank to Axis Bank. Axis Bank as it is known today was born. Two years later, Axis Bank partnered with Motilal Oswal to facilitate online trading for the bank's customer base. Axis Bank purchased the investment banking and broking unit of Enam Securities in 2010. A year later, Axis Bank would launch its own online trading platform - AxisDirect. The 2010s have seen two major acquisitions for Axis Bank. In 2017, Axis Bank acquired FreeCharge, a leading digital payments platform and in 2020 it acquired a 29 per cent stake in Max Life Insurance, a leading life insurance company in India. Axis Bank completed the acquisition of Citibank India’s consumer businesses in 2023. As of March 2022, Axis Bank operates 4,758 domestic branches along with 10,990 ATMs and 5,972 cash recyclers spread across India.
Products and services
Axis Bank being a leading private sector bank in the country offers a host of banking products and services to its customers both in the retail and corporate sectors. These include but are not limited to - retail banking, corporate banking and treasury services. Axis Bank’s offerings to its retail customers include a variety of banking products and services such as savings and current accounts, different types of loans and other financial solutions. Apart from these, Axis Bank also provides its customers with various investment and insurance products. In this field, Axis Bank’s services and products include mutual funds, fixed deposits, life and general insurance policies and demat accounts for stock trading. For its corporate customers, Axis Bank offers services including, but not limited to, working capital finance, term loans, trade finance, a variety of cash management services, forex services and treasury solutions.
Axis Bank had launched its Initial Public Offer (IPO) in 1998. Axis Bank was listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Axis Bank is listed in a number of other prominent stock exchanges like Madras Stock Exchange, Delhi Stock Exchange etc. The company is a part of multiple indices like Nifty 50, Nifty 500, S&P BSE Sensex etc.
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