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Axis Bank Ltd. is one of the stalwarts of Indian Banking that has continuously evolved, offering a perfect mix of traditional and modern banking solutions. The name Axis Bank symbolises trust, expansion, and dedication to its large number of customers. From the time it began to the present day, the bank has showcased its strong values and focus on serving its customers well. This widespread presence ensures that Axis Bank is within arm’s reach for millions of Indians seeking banking solutions.
In this blog, we will explore the story of Axis Bank, tracing its roots and highlighting its major milestones.
Parameter | Details |
Founder | Collectively initiated by the Specified Undertaking of Unit Trust of India (previously referred to as Unit Trust of India) or SUUTI, the Life Insurance Corporation of India (LIC), the General Insurance Corporation of India (GIC), and the National Insurance Company Ltd. |
Industry Type | Banking, Financial Services |
Founded | 1993 |
Headquarters | Mumbai, India |
Key People | N.S. Vishwanathan(Chairman)Amitabh Chaudhry(Managing Director and Chief Executive Officer) |
Countries of Presence | 8 |
Market Cap | ₹3.16 trillion |
Employees | 91,898 |
Domestic Branches | 4,903 (including extension counters) |
ATMs & Cash Recyclers | 15,953 |
Axis Virtual Centres | 6 |
Emerging as the third largest private sector bank in India, Axis Bank has continually presented a comprehensive range of financial services. Their offerings are designed to meet the needs of various segments: from large corporations to the common retail customer. The bank operates six Axis Virtual Centres, which are managed by over 1,500 Virtual Relationship Managers, adding another layer to their customer service.
The bank isn’t limited to domestic operations. Its overseas presence stretches across eight international offices, with branches stationed in nations like Singapore and Dubai, along with representative offices in various countries. These international units primarily focus on functions like Corporate Lending, Investment Banking, and Private Banking/Wealth Management.
Marking its inception in 1994, Axis Bank’s roots can be traced back to its promotion in 1993 by prominent institutions like SUUTI, LIC, and several insurance companies. By March 2023, SUUTI and LIC emerged as the bank’s primary promoters. One of the bank’s key achievements is its steady growth, highlighted by a 5-year CAGR of 14% in Total Assets & Advances and an impressive 16% rise in Deposits from 2017-18 to 2022-23.
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Also Read: Axis Bank Q2 Results
Axis Bank Ltd. extends its influence through various subsidiaries, each specialising in different aspects of financial services. Here are some of its major subsidiaries:
Axis Bank Ltd. has strategically acquired several entities to enhance its capabilities and expand its footprint in the financial sector. Here are some key acquisitions:
Also Read: Banking Sector in India
In the dynamic world of Indian banking, Axis Bank Ltd. consistently showcases its dedication to innovation, expansion, and prioritising customers. With a long history, a variety of subsidiaries, insightful acquisitions, and a comprehensive range of products, this bank, recognised as India’s third-largest private sector institution, continues to be a central figure in setting the direction for India’s banking future.
With its strong market footprint, a dedicated team serving numerous customers, and consistent upward trends in its 5-year CAGR, Axis Bank undoubtedly holds a significant position in the banking sector. Its vast reach, both in India and abroad, shows its commitment to boosting economic progress and being there for its many customers. Whether you seek a simple savings account or complex investment solutions, Axis Bank is poised to serve you with professionalism and dedication, ensuring that your financial goals are within reach.
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