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Axis Bank Expands Indian Network

Vanessa Doctor

30 March 2010

India's Axis Bank is planning to open 30 more branches before the month ends and apply for about 250 more licenses for the next year, the Press Trust of India reports.

In an interview with the news service, SK Chakrabarti said that the bank is in the process of building its wealth and private banking operations in the country, where it already has a team of 70 wealth professionals and 25 private bankers.

The plan was announced during the opening of Axis' 1000th branch this week.

Axis Bank has been noted for its stable liquidity position and strong capitalisation levels especially after a recent equity issue of $808 million, which earned massive interest from shareholders. It total consolidated assets as of December 2009 is at 1.5 trillion rupees ($33 billion).