Private sector lender, Axis Bank, has decided to go moderate on expanding its international operations, following the global turmoil in the overseas market. Currently, the bank has five international offices at Singapore, Hong Kong and Dubai (at the DIFC), with representative offices in Shanghai and Dubai, which focus on corporate lending, trade finance, syndication, investment banking, risk management and liability businesses.
The total assets under overseas operations amount to $1.70 billion as at end December 2008 as compared to $1.57 billion at the end of December 2007, portraying a growth of 8% on year-on-year basis.
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