- As per Axis Bank, Axis Bank UK Limited contributed Rs 206 crore total income in FY20 and a net worth of Rs 765 crore as of March 2020 which is almost 1% of the bank's net worth.
- In this regards the decision was taken and both the entities entered into an agreement for the sale of a 100% stake which is approved by the UK Financial Regulator namely the Prudential Regulation Authority.
- The UK subsidiary is being hived off at net asset value and fixed premium of $5.5 million and the date for the completion of the sale is set to 30th Sep 2021.
- Static Part:
- HQ of Axis Bank: Mumbai
- MD and CEO of Axis Bank: Amitabh Chaudhry
Question:
Q.1 Which of the following private sector bank to sell its UK based arm to OpenPayd Holdings?
a. ICICI Bank
b. Deutsche Bank
c. Federal Bank
d. Axis Bank
a. ICICI Bank
b. Deutsche Bank
c. Federal Bank
d. Axis Bank
