Axis Bank to sell 100% stake in UK subsidiary to OpenPayd
The transaction is subject to approval by the the UK's Prudential Regulation Authority, the bank said in a regulatory filing.
March 31, 2021 / 10:15 PM IST
Axis Bank decided to pull the shutters on the operations of its UK subsidiary in July last year (Representative image)
Axis Bank will sell its stake in its UK subsidiary - Axis Bank UK Limited - to OpenPayd Holdings Ltd, the private lender said in a regulatory filing on March 31.
"This is to inform you that the Bank has entered into a Share Purchase Agreement on 31st March 2021 for sale of 100 percent stake in its subsidiary, Axis Bank UK Limited to OpenPayd Holdings Ltd," it said in a BSE filing.
"This transaction is subject to approval by the UK Financial Regulator, the Prudential Regulation Authority (PRA)," the bank added.
Axis Bank, in July last year, had decided to end the UK subsidiary's operations.
In a regularity filing on July 2, 2020, the lender said it has decided to "fully wind down" the operations of Axis Bank UK Limited and surrender the banking licence in the UK by April 2021.
The decision, stated the bank, was taken after reviewing its international strategy. Analysts claimed that the lender had a clear objective to focus on the Indian banking market to achieve its full potential.