Private sector lender Axis Bank has received RBI nod to set up its UK subsidiary. The bank has also received permission to convert its representative office in Shanghai to a branch.

"We have approval to convert Shanghai into a branch. We also have RBI approval to set up a subsidiary in the UK," Axis Bank Managing Director Shikha Sharma said.

"We are looking at the business opportunity there and at an appropriate time, we will think about the UK presence," she said.

Across India, Axis Bank has a network of over 1,090 branches and over 4,700 ATMs.