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Suggest pagesKotak Mahindra Bank
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| Type | Private |
|---|---|
| Traded as | BSE: 500247 NSE: KOTAKBANK |
| Industry | Financial service |
| Founded | 1985 (as Kotak Mahindra Finance Ltd) |
| Headquarters | Mumbai, India |
| Key people | Uday Kotak (MD) |
| Products | Deposit accounts, Loans, Investment services, Business banking solutions, Treasury and Fixed income products etc. |
| Revenue |   10,963 crore (US$2.19 billion)(2011)[1] |
| Net income | 1,569 crore (US$313.8 million)(2011) |
| Website | www.kotak.com |
Kotak Mahindra Bank (BSE: 500247, NSE: KOTAKBANK) is an Indian financial service firm established in 1985. It was previously known as Kotak Mahindra Finance Limited, a non-banking financial company. In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the license to carry on banking business by the Reserve Bank of India (RBI). Kotak Mahindra Finance Ltd. is the first company in the Indian banking history to convert to a bank. Today it has more than 20,000 employees and Rs. 10,000 crore in revenue.[2]
Mr. Uday Kotak is Executive Vice Chairman & Managing Director of Kotak Mahindra Bank Ltd. In July 2011 Mr. C. Jayaram and Mr. Dipak Gupta, whole time directors of the Bank, were appointed the Joint Managing Directors of Kotak Mahindra Bank. Dr. Shankar Acharya is the chairman of board of Directors in the company.
The Bank has its registered office at Nariman Bhavan, Nariman Point, Mumbai.
[edit] History
It bought stressed assets from a number of banks, at full loan value of Rs 1,000 crore in 2005.[3] In January 2011, the bank reported a 32% rise in net profit to Rs188 crore for the quarter ended December 2010 against Rs. 142 crore the corresponding quarter last year.[4] Kotak Mahindra bank also reached the top 100 most trusted brands of India in The Brand Trust Report published by Trust Research Advisory in 2011.
| Year | Milestone |
|---|---|
| 1986 | Kotak Mahindra Finance Limited starts the activity of Bill Discounting |
| 1987 | Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market |
| 1990 | The Auto Finance division is started |
| 1991 | The Investment Banking Division is started. Takes over FICOM, one of India's largest financial retail marketing networks |
| 1992 | Enters the Funds Syndication sector |
| 1995 | Brokerage and Distribution businesses incorporated into a separate company - Kotak Securities. Investment Banking division incorporated into a separate company - Kotak Mahindra Capital Company |
| 1996 | The Auto Finance Business is hived off into a separate company -Kotak Mahindra Prime Limited (formerly known as Kotak Mahindra Primus Limited). Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information Services Limited marks the Group's entry into information distribution. |
| 1998 | Enters the mutual fund market with the launch of Kotak Mahindra Asset Management Company. |
| 2000 | Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance business. |
| 2000 | Kotak Securities launches its on-line broking site (now www.kotaksecurities.com). Commencement of private equity activity through setting up of Kotak Mahindra Venture Capital Fund. |
| 2001 | Matrix sold to Friday Corporation |
| 2001 | Launches Insurance Services |
| 2003 | Kotak Mahindra Finance Ltd. converts to a commercial bank - the first Indian company to do so. |
| 2004 | Launches India Growth Fund, a private equity fund. |
| 2005 | Kotak Group realigns joint venture in Ford Credit; Buys Kotak Mahindra Prime (formerly known as Kotak Mahindra Primus Limited) and sells Ford credit Mahindra. |
| 2005 | Launches a real estate fund |
| 2006 | Bought the 25% stake held by Goldman Sachs in Kotak Mahindra Capital Company and Securities |
| 2008 | Launched a Pension Fund under the New Pension System |
| 2009 | Kotak Mahindra Bank Ltd. Opened a representative office in Dubai
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| 2010 | Ahmedabad Derivatives and Commodities Exchange, a Kotak anchored enterprise, became operational as a national commodity exchange. |
| 2011 | Kotak Mahindra Bank Ltd entered into a Business Cooperation arrangement with CIMB Group Sdn Bhd, Malaysia. |
[edit] Reference
- ^ Result March 2010 on BSE
- ^ "Corporate News Kotak's new challenges". HIndustan Times, Mumbai. January 28, 2011. http://www.hindustantimes.com/Kotak-s-new-challenges/Article1-655790.aspx.
- ^ "Kotak Mahindra Bank buys Rs 1,000-cr stressed assets". Business Line, The Hindu. Jun 11, 2005. http://www.thehindubusinessline.in/2005/06/11/stories/2005061101900600.htm.
- ^ "Kotak Mahindra Bank net up 32% at Rs 188 cr". Jan 21, 2011. http://www.financialexpress.com/news/kotak-mahindra-bank-net-up-32-at-rs-188-cr/740256/0.
[edit] External links
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