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AXIS BANK

Jan 20, 2020 351

HISTORY:

Bank of the Axis, established in 1993, was the first of the new private banks to have started operations in 1994 after the Indian Government allowed the creation of new private banks. AXIS Bank Ltd. was promoted by the largest and best Financial institution of the country, ICU. The Bank was constituted with a capital of Rs. 115 crore, with ICU contributing Rs. 100 crore, LIC - Rs. 7.5 crore and GIC and its four subsidiaries contribute Rs. 1.5 crore each.Axis Bank is one of the first new generation private sector banks to have started operations in 1994. The Bank was promoted in 1993 jointly by the Specific Commitment of the Trust Unit of India (SUUTI ), India Life Insurance Corporation (LIC), General Insurance Corporation of India (GIC), National Insurance Company Ltd., New Insurance Company of India Ltd., Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The Trust Unit of India was later transferred to SUUTI, an entity established in 2003.

ARS Bonds with a Capital Unit of more than Rs. 14167.59 crores.The Bank has strengths in both commercial banking and corporate banking and is committed to adopting industry best practices at the international level to achieve excellence.Axis Bank entered into an agreement in November 2010 to buy Enam Securities investment banking and shares for $ 456 million. Axis Securities, the arm of Axis Bank shares, will merge with the investment banking business of Enam Securities. As per the agreement, Enam will dismantle its investment banking, institutional stocks, retail shares and distribution of financial products, and companies Financial and non-banking merger with Axis Securities.

Chairman & CEO:    P. J. Nayak