As of 2008, Axis Bank Limited is India's third largest private sector bank in terms of assets, and fourth largest by market capitalization. It was formerly known as UTI Bank (1993–2007). Financial services are offered to large and mid-sized companies, SMEs, and retail businesses. On 3 December 1993, UTI Bank was founded with a registered office in Ahmedabad and a corporate office in Mumbai. The bank was jointly promoted by the Administrator of the Unit Trust of India (UTI), Life Insurance Corporation of India (LIC), General Insurance Corporation, National Insurance Company, The New India Assurance Company, Oriental Insurance Corporation and United India Insurance Company. On 2 April 1994, Manmohan Singh, then Indian finance minister, inaugurated the first branch in Ahmedabad.