Axis Bank Ltd Share Price AXISBANK
|Chairman & Independent Directo||Sanjiv Misra|
|Managing Director & CEO||Shikha Sharma|
|Independent Director||Prasad R Menon|
|Independent Director||Samir K Barua|
|Independent Director||Som Mittal|
|Deputy Managing Director||V Srinivasan|
|Independent Director||Rohit Bhagat|
|Independent Director||Srinivasan Vishvanathan|
|Company Secretary||Girish V Koliyote|
|Independent Director||Rakesh Makhija|
|Independent Director||Ketaki Bhagwati|
|Director||B Babu Rao|
|Executive Director||Rajiv Anand|
|Executive Director||Rajesh Dahiya|
AXIS Bank is one of the fastest growing banks in private sector. The Bank operates in four segments, namely treasury, retail banking, corporate/ wholesale banking and other banking business. The treasury operations include investments in sovereign and corporate debt, equity and mutual funds, trading operations, derivative trading and foreign exchange operations on the account, and for customers and central funding.
Retail banking includes lending to individuals/ small businesses subject to the orientation, product and granularity criterion. It also includes liability products, card services, Internet banking, automated teller machines (ATM) services, depository, financial advisory services, and non resident Indian (NRI) services.
The corporate/ wholesale banking segment includes corporate relationships not included under retail banking, corporate advisory services, placements and syndication, management of publics issue, project appraisals, capital market related services, and cash management services.
The Banks registered office is located at Ahmedabad and their Central Office is located at Mumbai. The Bank has a very wide network of more than 1042 branches (including 56 Service Branches/ CPCs as on June 30, 2010). The Bank has a network of over 4,474 ATMs providing 24 hrs a day banking convenience to their customers. This is one of the largest ATM networks in the country.
The Bank has five wholly-owned subsidiaries namely Axis Securities and Sales Ltd, Axis Private Equity Ltd, Axis Trustee Services Ltd, Axis Asset Management Company Ltd and Axis Mutual Fund Trustee Ltd.
Axis Bank was incorporated in the year 1993 with the name UTI Bank Ltd. The Bank was the first private banks to have begun operations after the Government of India allowed new private banks to be established. The Bank was promoted jointly by the Administrator of the specified undertaking of the Unit Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC) and other four PSU insurance companies, i.e. National Insurance Company Ltd, The New India Assurance Company Ltd, The Oriental Insurance Company Ltd and United India Insurance Company Ltd.
In the year 2001, the bank along with Global Trust Bank (GTB) had a merger proposal to create the largest private sector bank, but due to medias issues both the banks withdraw the merger proposal.
In the year 2003, the Bank was given the authorized to handle Government transactions such as collection of Government taxes, to handle the expenditure related payments of Central Government Ministries and Departments and pension payments on behalf of Civil and Non-civil Ministries such as defence, posts, telecom and railways. In December 20003, the Bank launched their merchant acquiring business.
In the year 2005, the Bank raised $239.3 million through Global Depositary Receipts. They won the award Outstanding Achievement Award for the year 2005 from Indian Banks Association for IT Infrastructure, delivery capabilities and innovative solutions.
In December 2005, the Bank set up Axis Securities and Sales Ltd (originally incorporated as UBL Sales Ltd) to market credit cards and retail asset products. In October 2006, they set up Axis Private Equity Ltd, primarily to carry on the activities of managing equity investments and provide venture capital support to businesses.
In the year of 2007, the bank again raised $218.67 million through Global Depository Receipts. They opened 153 new branches during the year, which includes 43 extension counters that have been upgraded to branches and 8 Service branches/ CPCs. They also opened new overseas offices at Singapore, Dubai and Hong Kong and a representative office in Shanghai.
During the year 2007-08, the Bank opened 143 new branches, taking the number of branches to 651 which included 33 extension counters that have been upgraded to branches. Also, they expanded overseas with the opening of a branch at the Dubai International Finance Centre. The Bank changed their name from UTI Bank Ltd to Axis Bank Ltd with effect from July 30, 2007 to avoid confusion with other unrelated entities with similar name.
During the year 2008-09, the Bank opened 176 new branches that include 12 extension counters that have been upgraded to branches taking the total number of branches and ECs to 835. During the year, they opened 831 ATMs, thereby taking the ATM network of the Bank from 2,764 to 3,595. Also, they opened a Representative Office in Dubai.
In May 2008, the Bank established Axis Trustee Services Company Ltd as a wholly owned subsidiary company, which is engaged in trusteeship activities. In December 2008, they launched their new investment advisory service exclusively for High Net Worth clients.
In January 2009, the Bank set up Axis Asset Management Company Ltd to carry on the activities of managing a mutual fund business. Also, they incorporated Axis Mutual Fund Trustee Ltd to act as the trustee for the mutual fund business.
During the year 2009-10, the Bank opened 200 branches taking the total number of branches Extension Counters (ECs) to 1,035. In March 209, 2010, they opened their 1000 branch at Bandra West, Mumbai. In September 2009, Axis Bank launched the private banking business in the domestic market, christened Privee to cater to highly affluent individuals and families offering them unique investment opportunities
During the year, the Capital Markets SBU was restructured with the debt capital market business (hitherto a part of the capital markets) carved into a separate vertical. As a result, the Banks Capital Markets SBU comprises equity capital markets (ECM) business, mergers and acquisitions and private equity syndication. In February 24, 2010, the Bank launched the AXIS CALL & PAY on atom, a unique mobile payments solution using Axis Bank debit cards. Axis Bank is the first bank in the country to provide a secure debit card-based payment service over IVR.
During the year 2010-11, 407 new branches were added to the Banks network taking the total number of branches and extension counters (ECs) to 1,390. Of these, 564 branches/ ECs are in semi-urban and rural areas and 826 branches/ECs are in metropolitan and urban areas. The Bank is present in all states and Union Territories (except Lakshadweep) covering 921 centres. The ATM network of the Bank increased from 4,293 to 6,270.
During the year, the Bank also opened a Representative Office in Abu Dhabi. This was in addition to the existing branches at Singapore, Hong Kong and DIFC (Dubai International Financial Centre) and representative offices at Shanghai and Dubai.
In March 7, 2011, the Bank incorporated a new subsidiary namely Axis U.K. Ltd. as a private limited company registered in the United Kingdom (UK) with the main purpose of filing an application with Financial Services Authority (FSA), UK for a banking license in the UK and for the creation of necessary infrastructure for the subsidiary to commence banking business in the UK.