Axis seeks investment

The government has approved increase in foreign investment in Axis Bank Ltd’s from the current 62 per cent to 74 per cent on a fully fungible basis.

The Cabinet Committee on Economic Affairs (CCEA) cleared the bank’s proposal that will yield an inflow of nearly Rs13,000 crore.

The foreign investment will be by way of Foreign Institutional Investors, Foreign Portfolio Investors, Non-Resident Indians, Foreign Director Investment covering ADRs/GDRs and Indirect Foreign Investment.

On June 17, 2016, Axis Bank had signed a Memorandum of Understanding (MoU) with Kasikorn Bank (KBank) of Thailand to strengthen existing ties between the two banks and will help facilitate and enhance cooperation in the areas of Trade, Investment and other businesses.

It also has similar arrangements with China Development Bank (CDB), DBS Bank (Singapore), Samba Financial Group, Bank Albilad (Saudi Arabia), NongHyup Bank (South Korea) and Maybank (Malaysia).

Axis Bank is the third largest private sector bank in India. fii-news.com