UTI Bank opened its registered office in Ahmedabad and corporate office in Mumbai in December 1993. The first branch was inaugurated on 2 April 1994 in Ahmedabad by Dr. Manmohan Singh, the Finance Minister of India. UTI Bank began its operations in 1993, after the Government of India allowed new private banks to be established. The Bank was promoted in 1993 jointly by the Administrator of the Unit Trust of India (UTI-I), Life Insurance Corporation of India (LIC), General Insurance Corporation, National Insurance Company, The New India Assurance Company, The Oriental Insurance Corporation and United India Insurance Company. In 2001 UTI Bank agreed to merge with and amalgamate Global Trust Bank, but the Reserve Bank of India (RBI) withheld approval and nothing came of this. In 2004 the RBI put Global Trust into moratorium and supervised its merger into Oriental Bank of Commerce. Later, it was renamed as Axis Bank. 
Today, Axis Bank Ltd is the third largest of the private-sector banks in India offering a comprehensive suite of financial products. The bank has its head office in Mumbai and Registered office in Ahmedabad. It has 3300 branches, 13,003 ATMs, and nine international offices. The bank employs over 50,000 people and had a market capitalization of ₹1.0583 trillion (US$16 billion) (as on March 31, 2016). It offers the entire spectrum of financial services large and mid-size corporate, SME, and retail businesses.

As of 30 Jun. 2016, 30.81% shares are owned by promoters & promoter group (United India Insurance Company Limited, Oriental Insurance Company Limited, National Insurance Company Limited, New India Assurance Company Ltd, GIC, LIC & UTI). Remaining 69.19% shares are owned by Mutual Funds Institutions, FIIs, Financial Institutions (banks), Insurance companies, corporate bodies & individual investors among others.