Axis Bank received RBI’s Approval to merge Investment Banking & Equity Business of Enam

Axis Bank on 22 April 2011 received the Reserve Bank of India's in-principle approval to merge the investment banking and equity capital market business of Enam Securities. The approval has however come with certain attached conditions. One of the conditions mentioned by RBI was that none of the Enam Securities shareholders, who have acquired Axis Bank shares through the share swap deal, can be on the board of the bank. Axis bank had previously moved the RBI to induct Vallabh Bhansali, co-founder and Chairman of Enam Securities, on its board.

In November 2010, Axis Bank had announced that the investment banking and equity capital markets business of Enam Securities would be merged with Axis Securities and Sales Ltd, a wholly-owned subsidiary of the bank in all-share deal.

Axis Bank posted a net profit of Rs 1,020 crore for the quarter ending 31 March 2011 which is an increase of 33 percent from Rs 765 crore in the corresponding quarter in 2009-10. The bank posted a net profit of Rs 3,388 crore (Rs 2,515 crore) for the full year of 2010-11.