India’s third largest private lender is winding up its subsidiary Britain After a deal with the financial firm openpaid failed, it said in a regulatory filing on Thursday.

Axis Bank first said in 2020 that it would shut down its UK operations. At present, the bank’s international strategy The focus is to focus on Indian corporates that have global operations, it said in a investor presentation in the results for the quarter ended June.

At the end of June, the bank had an external debt book of Rs 389.28 billion, up from Rs 457.50 billion in the March quarter.

Axis acquired Citigroup Inc’s Local in March consumer banking $1.6 billion firm to grow its credit cards and retail business in country.