Axis Bank to wind up UK subsidiary after deal with OpenPayd fails

Axis Bank to wind up UK subsidiary after deal with OpenPayd fails

Axis Bank to liquidate its UK subsidiary after the termination of a deal to sell a 100 percent stake to OpenPayd Holdings Ltd.

In March 2021, Axis Bank informed the stock exchanges that it had entered into a share purchase agreement with OpenPayd Holdings for the sale of a 100% stake in Axis Bank UK Ltd.

“In this regard, we would like to inform you that both parties have mutually decided not to proceed with the above transaction and have therefore terminated the share purchase agreement,” the bank said in a regulatory statement. The bank will now begin the process of winding up Axis Bank UK Limited, it added.

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