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Axis Bank receives RBI nod to set up UK subsidiary

Indian lender also approved to upgrade Shanghai office to a branch.

Indian private sector lender Axis Bank has received nod from Reserve Bank of India (RBI) to set up a subsidiary in the UK.

In conjunction, Axis Bank has also received approval to upgrade its Shanghai representative office into a branch.

Axis Bank managing director Shikha Sharma said Axis Bank has approval to convert Shanghai into a branch and set up a subsidiary in the UK.

"We are looking at the business opportunity there and at an appropriate time, we will think about the UK presence," Sharma said.

Besides Shanghai, Axis Bank has a presence in Singapore, Hong Kong and Dubai.