Axis Bank, formerly UTI Bank, is India's third largest private-sector bank after the significantly larger ICICI Bank and HDFC Bank. It is engaged in large & mid corporate banking, retail banking, SME banking, agri-business banking, international banking, treasury etc. It has the largest EDC (Electronic Data Capturing) network, the third largest ATM network and the fourth largest base of debit cards in India.
As of December 31, 2010 it had a very wide network of more than 1,281 branches including 169 service branches and over 5,303 ATMs. With a customer base of over 150 lakh (15 million), it also has overseas branches at Singapore, Hong Kong and Dubai and representative offices at Shanghai and Dubai.
Since its inception, Axis Bank has been jointly promoted by UTI-I, LIC, GIC and four other PSU insurance companies, that is, National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd.
Promoters hold 37.35 per cent stake in Axis Bank as on December 31, 2010 out of which UTI-I holds 23.72 per cent stake, LIC 9.58 per cent, and GIC 1.87 per cent.
Axis Bank's strength:
- It is India's third largest private bank, with 1,281 branches and 5,303 ATMs, and a customer base of over 150 lakh as on Dec 31, 2010
- It has the largest EDC network, the third largest ATM network, and the fourth largest base of debit cards in India.
- It already has branches in Singapore, Hong Kong and Dubai International Financial Centre. About 14 per cent of the bank's asset book is from international operations. It is further going to set up a subsidiary in London and upgrade its representative office in Shanghai to a branch.
- 100 per cent core banking facilities with advanced technology
- On-line trading facilities in alliance with Geojit BNP Paribas
The economy is expected to grow roughly by 5-7 per cent in the next five years. The banking sector is poised to grow in line with the growth of the economy. Considering its large size and its strengths, we can expect this economic growth to have a positive impact on Axis Bank's growth.