Kotak Mahindra Bank

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Kotak Mahindra Bank Limited
Public
Traded asBSE500247
NSEKOTAKBANK
BSE SENSEX Constituent
NSE NIFTY 50 Constituent
ISININE237A01028
IndustryBanking, financial service
FoundedFebruary 2003; 17 years ago (2003-02)
FoundersUday Kotak
HeadquartersMumbai, Maharashtra, India
Key people
RevenueIncrease 50,365.74 crore (US$7.1 billion) [1] (2020)
Increase 29,880.59 crore (US$4.2 billion) [1] (2020)
Increase 8,593.36 crore (US$1.2 billion) [1] (2020)
Total assetsIncrease 443,172.71 crore (US$62 billion) [2] (2020)
Total equityIncrease 65,677.60 crore (US$9.2 billion) [2] (2020)
Number of employees
33,013 (2017)[3]
Subsidiaries
Websitewww.kotak.com

Kotak Mahindra Bank Limited is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. It offers banking products and financial services for corporate and retail customers in the areas of personal finance, investment banking, life insurance, and wealth management. As of April 2019, it is the second largest Indian private sector bank by market capitalization, with 1600 branches & 2519 ATMs.[4]

History[edit]

In 1985, Uday Kotak founded what later became an Indian financial services conglomerate. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, received a banking licence from the Reserve Bank of India. With this, KMFL became the first non-banking finance company in India to be converted into a bank: Kotak Mahindra Bank Limited.[5]

In a study by Brand Finance Banking 500 published in February 2014 by Banker magazine (from The Financial Times stable), KMBL was ranked 245th among the world's top 500 banks with brand valuation of around half a billion dollars ($481 million) and brand rating of AA+.[6][7]

A Kotak Mahindra Bank ATM in Kolkata.

Acquisition of ING Vysya Bank[edit]

In 2015, Kotak Bank acquired ING Vysya Bank in a deal valued at 150 billion (US$2.1 billion). With the merger, total employment jumped to almost 40,000, and the count of branches reached 1,261.[8] After the merger, ING Group, which controlled ING Vysya Bank, owned a 7% share in Kotak Mahindra Bank.[9]

Corporate Social Responsibility[edit]

In 2020, Kotak pledged to donate ₹50 crore to the PM Cares Fund to fight against the COVID-19 Pandemic in India.[10]

See also[edit]

References[edit]

  1. ^ a b c "Kotak Mahindra Bank Consolidated Profit & Loss account, Kotak Mahindra Bank Financial Statement & Accounts". www.moneycontrol.com. Retrieved 31 August 2020.
  2. ^ a b "Kotak Mahindra Bank Consolidated Balance Sheet, Kotak Mahindra Bank Financial Statement & Accounts". www.moneycontrol.com. Retrieved 31 August 2020.
  3. ^ "Balance Sheet 31.03.2017" kotak.com (16 March 2018).
  4. ^ "List of private banks by market capitalization". moneycontrol.com. Retrieved 23 April 2019.
  5. ^ "About Us". www.kotak.com. Retrieved 3 December 2015.
  6. ^ "Top banks on a slide; smaller peers do better: Brand Finance study - The Smart Investor". Retrieved 3 September 2015.
  7. ^ The Banker. "The Banker - The Banker". Retrieved 3 September 2015.
  8. ^ "Kotak Bank acquires ING Vysya for INR 15,000 crore". The Hindu. Mumbai. 20 November 2014. Retrieved 15 April 2015.
  9. ^ "ING Vysya staff seek job surety from Kotak". Business Standard India. BusinessStandard. 6 December 2014. Retrieved 15 April 2015.
  10. ^ "Kotak Mahindra Bank, Uday Kotak jointly pledge ₹50 crore to PM-CARES Fund". Livemint. 29 March 2020. Retrieved 2 July 2020.

External links[edit]

Official website