By Kosaku Narioka

Axis Bank Ltd. plans to close its U.K. subsidiary and surrender its banking license in the country by end-April 2021, as part of the review of its international strategy, it said late Thursday.

The Indian lender said it would ensure transparency and fairness in dealing with all the employees and customers of the subsidiary, Axis Bank UK Ltd., throughout the process of winding down.

The closure wouldn't have any material impact on the bank's financial position, it said.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

July 02, 2020 23:52 ET (03:52 GMT)

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