Axis Bank to sell UK arm to tech platform

Private sector lender Axis Bank has entered into a Share Purchase Agreement for sale of 100 per cent stake in its subsidiary, Axis Bank UK Limited to OpenPayd Holdings Ltd. The agreement was entered on March 31, 2021, and the transaction is subject to approval by the UK Financial Regulator, the Prudential Regulation Authority (PRA).

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The consideration or the value for the transaction would be the completion net asset value (book value of the bank on the date of completion), plus a fixed premium of $5,500,000. Axis Bank expects the sale to be completed by September 30, 2021 subject to the approval of ‘Change in Control’, received from the UK Financial Regulator, the PRA.

Important takeaways for all competitive exams:

• Axis Bank Commenced operations: 1994.
• Axis Bank Headquarters: Mumbai, Maharashtra.
• Axis Bank Tagline: Dil Se Open.
• Axis Bank MD and CEO: Amitabh Chaudhry.

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