Axis Bank to Sell its UK Subsidiary to OpenPayd Holdings

Published on April 02, 2021
Current Context: India’s private sector bank Axis bank announced to sell its UK subsidiary named Axis Bank UK Limited to OpenPayd Holdings.
Axis Bank to Sell its UK Subsidiary to OpenPayd Holdings
  • 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
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