Axis Bank has inaugurated a branch in Shanghai after getting nod from the China Banking Regulatory Commission. Following the opening of the said branch, Axis Bank has become the first domestic private sector lender to have a branch presence in China.
The branch will engage in foreign currency businesses that includes all business approved by the banking supervision and regulatory authorities of the China. The branch will also 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.
Following the opening of Shanghai branch, the banks overseas presence has grown to 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.
The branch will engage in foreign currency businesses that includes all business approved by the banking supervision and regulatory authorities of the China. The branch will also 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.
Following the opening of Shanghai branch, the banks overseas presence has grown to 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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