Axis Bank

By: EconomyWatch   Date: 17 July 2010

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Axis Bank is a prominent name in new generation of private enterprises providing banking products and services in India. It is ranked in 1361st position in 2008 Forbes Global 2000 list.
At present, total capitalization of Axis Bank is INR 358.89 crores. Public holdings amount to 57.58 percent of total shares. Central office of Axis Bank is located at Mumbai and registered office at Ahmedabad.

Brief history
Axis Bank started doing business in 1994. This was after Indian government permitted establishment of private banks. It was a joint promotion of a number of entities like Unit Trust of India (UTI – I), New India Assurance Company Ltd, Life Insurance Corporation of India (LIC), Oriental Insurance Company Ltd., General Insurance Corporation of India (GIC), United India Insurance Company Ltd. and National Insurance Company Ltd.

Products and services
Axis Bank offers its products and services in four distinct categories – personal, non-resident Indian, corporate and priority banking. In personal banking section, Axis Bank offers products and services like accounts, cards, deposits, investment, loans and insurance. In priority banking section, Axis Bank provides accounts, investments, deposits, payments, loans, remittances and cards.

In corporate section, Axis Bank offers products and services like accounts, treasury, credit, cash management services, capital market products and services and government business. Services and products like accounts, remittances and deposits are provided to its customers by Axis Bank in non-resident Indian banking category.

Financials
In 2007, sales of Axis Bank amounted to $1.29 billion and it earned profits worth $0.15 billion. Assets held by Axis Bank were worth $16.91 billion and its market value was around $9.10 billion.

Awards and recognition
On October 7, 2008 Axis Bank was conferred with “Best Bank Award” in private sector category by IDRBT, Hyderabad. At Banking Technology Awards 2007, Axis Bank had won a couple of awards as Outstanding Achiever – Corporate and Best Clearing and Settlement.

Current financial crisis
As per media reports it has been speculated that ongoing global economic meltdown would have some detrimental effect on Axis Bank too, but exact extent of damage has not been ascertained yet.



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