Axis Bank Ltd. stands as India’s third largest private sector bank by assets. The Mumbai-headquartered institution serves approximately 59 million customers through retail banking, corporate banking, and treasury operations.
Originally founded as UTI Bank in 1993, the company rebranded to Axis Bank in 2007. The bank operates 5,876 domestic branches and 13,941 ATMs across India, with international offices in Singapore, Hong Kong, Dubai, and other financial centers.
Axis Bank offers a full range of financial services including loans, deposits, credit cards, insurance, and wealth management. The bank’s subsidiaries include Axis Mutual Fund, Axis Securities, Axis Capital, and Freecharge.
Axis Bank History
Axis Bank Co-founders
Axis Bank was not founded by individual entrepreneurs but through an institutional consortium. The promoters created a new private sector bank after India’s economic liberalization in 1991 allowed private participation in banking.
Axis Bank Revenue
Axis Bank generated ₹841.56 billion in revenue during fiscal year 2024. This marked an increase from ₹730.34 billion in the previous year. The bank’s net profit reached ₹248 billion in FY2024.
Axis Bank Competitors
Axis Bank competes with major private and public sector banks in India. HDFC Bank leads the private sector, followed by ICICI Bank. State Bank of India dominates the public sector with over 22,000 branches nationwide.
| Bank | Type | Primary Focus |
|---|---|---|
| HDFC Bank | Private Sector | Retail Banking, Credit Cards |
| ICICI Bank | Private Sector | Corporate Banking, Digital |
| State Bank of India | Public Sector | Retail, Corporate Banking |
| Kotak Mahindra Bank | Private Sector | Wealth Management, Retail |
| IndusInd Bank | Private Sector | Corporate, Vehicle Finance |
| Yes Bank | Private Sector | Corporate, SME Banking |
| Punjab National Bank | Public Sector | Retail, Agricultural Finance |
| Bank of Baroda | Public Sector | International, Trade Finance |
| Federal Bank | Private Sector | NRI Services, Retail |
| IDFC First Bank | Private Sector | Infrastructure, Retail |
Axis Bank Market Cap
Axis Bank’s market capitalization stands at approximately $44.29 billion as of December 2025. This makes Axis Bank the 535th most valuable company globally. The bank trades on both the Bombay Stock Exchange and National Stock Exchange.
Axis Bank Acquisitions
Axis Bank has pursued strategic acquisitions to expand its digital presence and customer base. The bank focuses on deals that strengthen its retail franchise and technology capabilities.
In 2017, Axis Bank acquired Freecharge from Snapdeal for approximately ₹385 crore. Freecharge operates as a digital payments and financial services platform. The acquisition helped Axis Bank compete in India’s growing digital payments market alongside Paytm and PhonePe.
The bank’s largest acquisition came in 2023 when it purchased Citibank India’s consumer banking business. The deal was announced in March 2022 at ₹12,325 crore and closed in March 2023 at ₹11,603 crore after adjustments for customer attrition. This acquisition brought 2.4 million Citibank customers to Axis Bank.
The Citibank deal included credit cards, retail banking, wealth management, and consumer loans. Axis Bank also absorbed approximately 3,200 Citibank employees through this transaction. The acquisition strengthened Axis Bank’s credit card business, increasing its customer base by 31%.
Axis Bank also holds stakes in various financial services companies. The bank owns 19.02% in Axis Max Life Insurance, a joint venture with Max Financial Services. Through organic growth and acquisitions, Axis Bank has built subsidiaries covering mutual funds, securities, finance, and pension services.
In 2025, Axis Bank formed a partnership with J.P. Morgan to offer real-time USD payment services through blockchain technology. This collaboration targets commercial clients at GIFT City and represents the bank’s push into next-generation financial infrastructure.
FAQs
When was Axis Bank founded?
Axis Bank was founded on December 3, 1993, as UTI Bank in India. The bank rebranded to Axis Bank in July 2007.
Where is Axis Bank headquartered?
Axis Bank is headquartered in Mumbai, Maharashtra, India. The bank operates international offices in Singapore, Hong Kong, Dubai, and London.
Is Axis Bank a private or public sector bank?
Axis Bank is a private sector bank. It ranks as India’s third largest private sector bank by assets after HDFC Bank and ICICI Bank.
Who owns Axis Bank?
Axis Bank is publicly traded on BSE and NSE. SUUTI and LIC are promoters. Mutual funds, foreign investors, and retail shareholders own the remaining shares.
How many branches does Axis Bank have?
Axis Bank operates 5,876 branches and 13,941 ATMs across India as of March 2025. Nearly 47% of branches serve rural and semi-urban areas.