Axis Bank to focus more on getting accounts of foreign firms operating in India

7 May 2024 , 01:34 PM

Axis Bank is focusing on businesses with strong relationships to India from nations like South Korea, Japan, the US, Germany, Italy, and France. However, because of linguistic and cultural obstacles, managing relationships with South Korean and Japanese companies has proven more difficult.

To assist the lender in gaining business from international corporations, Axis Bank Ltd. is searching for Asian expats to hire.

The bank is focusing on mid-sized businesses in this sector, which is its fastest-growing business segment within its corporate banking division. It just surpassed Kotak Mahindra Bank Ltd. to become the third largest private lender in India. As per Rajiv Anand, Axis’ deputy managing director, multinational banks perceive this market as “under-served.”

 

According to Anand, the bank is looking to hire foreign nationals who can assist in establishing relationships with businesses and their executives. Thus far, it has employed a Japanese national who was transferred to Mumbai and a Korean expatriate who is based in Bengaluru.

India’s banking industry has been hiring, yet the nation lacks the depth of homegrown expertise found in other, more developed countries. Investment banks, for example, are reportedly looking to hire individuals who developed their careers overseas and headhunters report that this year, salary increases for financial professionals in India could surpass those in other Asian countries by 10%.

According to data provided by Bloomberg, Axis is rated sixth for foreign currency loans and second behind HDFC Bank Ltd. for local currency loans arranged in India thus far this year.

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