Private lender Axis Bank is winding up its subsidiary in Britain as part of its strategy to focus on the Indian market.

The country’s third-largest private lender’s share purchase agreement with  financial firm OpenPayd stands terminated. Axis Bank was to sell its 100% stake in its subsidiary, Axis Bank UK Ltd, to OpenPayd Holdings Ltd.

"We wish to inform you that both the parties have mutually decided not to go ahead with the aforesaid transaction and accordingly have terminated the above share purchase agreement. The bank will now initiate the winding up process of Axis Bank UK Ltd," Axis Bank said in a regulatory filing to the BSE.

The bank had earlier informed in 2020 that it would be winding down its UK operations. The bank said in a recent investor presentation that its current international strategy is to focus on Indian corporates that have global operations.

At the end of June, the bank had an overseas loan book of Rs 389.28 billion, contracting from Rs 457.50 billion posted in the March quarter.

In March, Axis Bank acquired Citigroup Inc's local consumer banking firm for $1.6 billion to bulk up its credit card and retail business in the country.