India’s Axis Bank to wind up UK subsidiary after deal with OpenPayd fails- filing

MUMBAI (Reuters) – India’s third largest private lender Axis Bank is winding up its subsidiary in Britain after a deal with financial firm OpenPayd failed, it said in a regulatory filing on Thursday.

Axis Bank first said in 2020 that it will be winding down its UK operations. Currently, the bank’s international strategy is to focus on Indian corporates that have global operations, it said in an investor presentation in the results of the quarter ended June.

At the end of June, the bank had an overseas loan book of 389.28 billion rupees, a contraction from 457.50 billion rupees in March quarter.

Axis in March acquired Citigroup Inc’s local consumer banking firm for $1.6 billion to bulk up its credit card and retail business in the country.

(Reporting by Nupur Anand and M. Sriram; Editing by David Evans)