Mumbai, Jan. 8: Axis Bank today announced the opening of its branch in Shanghai, becoming the first Indian private sector bank to open a branch in China.
The country’s third largest private bank said it had received permission to start operations from the China Banking Regulatory Commission (CBRC) last September.
It has set up the branch in the New Pu Dong area in Shanghai.
The Shanghai branch will engage in foreign currency businesses that includes all business approved by the banking supervision and regulatory authorities.
It will accept public deposits, offer 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.
Axis Bank will also provide letters of credit and guarantees, process domestic and overseas settlement, buy and sell foreign exchange whether on its own or acting as an agent, act as insurance agent, engage in interbank borrowing, provide safe deposit boxes and provide credit checks and consultancy services.
The lender has eight foreign offices, covering five branches, one each in Singapore, Hong Kong, DIFC (Dubai), Colombo (Sri Lanka) and Shanghai (China), two representative offices in Dubai and Abu Dhabi, and an overseas subsidiary in London.