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Axis Bank opens branch in Shanghai

Axis Bank has opened a branch in Shanghai after receiving permission from the China Banking Regulatory Commission. The bank has become the first Indian private sector lender to have a branch presence in China. The regulatory approval came in last September. The branch will engage in foreign currency businesses that includes all business approved by the banking supervision and regulatory authorities in China. It will offer services like public deposits, short-to-long-term loans, discount and accept bills, buy and sell treasury bonds, financial bonds and other securities priced in foreign currencies other than shares. With opening of the Shanghai branch, Axis Bank’s overseas presence has grown to eight – five branches, one each in Singapore, Hong Kong, Dubai, Colombo, and Shanghai, two representative offices at Dubai and Abu Dhabi and an overseas subsidiary in London.

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