Axis Bank Expansion Plans

NEW DELHI, INDIA (GaeaTimes.com)- Reputed private sector banking giant Axis Bank has unveiled its plans to open 30 additional branches in near future and apply for 250 licenses by next fiscal. The news has been confirmed by a senior official of the bank. The bank already has more than 1000 branches in the country. Axis Bank has more than 4000 ATMs in various states of India and it plans to take that number to 4350 soon. The bank is clearly on an expansion drive and the present fiscal is very important for the implementation of its plans.

The Executive Director of Axis bank, S. K. Chakrabarti said recently that the bank will not concentrate only on conventional retail banking but will also make foray in private and wealth banking more intensively. Conventional retail banking is only 20% of the entire revenue that the bank generates, he said. The initial response to wealth banking has been quite encouraging, according to him. The bank generally recruits 2,000-2,500 employees per annum in retail banking. The same trend will continue in the next fiscal.

Axis Bank is going to buy 4% stake in private sector lender Max New York Life Insurance and it has been confirmed by Max India Ltd. The transaction is being finalized. The board of directors of the lending company has given their nod for forming a corporate agency tie-up between Axis Bank and MNYL. The term is 10 years. Axis bank senior officials are of the opinion that this strategic alliance will strengthen the brand value of the bank. The stocks of the companies are likely to be affected by this alliance.