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Kotak Mahindra Bank

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Kotak Mahindra Bank Ltd.
Company typePublic
BSE: 500247
NSE: KOTAKBANK
CNX Nifty Constituent
IndustryBanking, Financial service
FoundedFebruary 2003
FoundersUday Kotak
HeadquartersMumbai, Maharashtra, India
Key people
Shankar Acharya[1]
(Chairman)
Uday Kotak
(MD & CEO)
ProductsCredit Cards, Consumer banking, Corporate banking, Finance and Insurance, Mortgage loans, Private banking, Wealth management, Investment banking
RevenueIncrease₹21,176.09 crore (US$2.5 billion) (2017)[2]
Increase ₹5,984.81 crore (US$720 million) (2017)[2]
Increase ₹3,411.50 crore (US$410 million) (2017)[2]
Total assetsIncrease₹214,589.95 crore (US$26 billion) (2017)[2]
Number of employees
33,013 (2017) [2]
SubsidiariesKotak Mahindra General Insurance
Capital ratio16.77% [2]
Websitewww.kotak.com

Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) issued the licence to Kotak Mahindra Finance Ltd., the group's flagship company, to carry on banking business.[3]

It offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, general insurance, life insurance, and wealth management.

Kotak Mahindra Bank has a network of 1,369 branches across 689 locations and 2,163 ATMs in the country (as of 31 March 2017).[4] In 2018, it is the second largest private bank in India by market capitalization after HDFC Bank.[5]

History

In 1985 Uday Kotak established what 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 (RBI). With this, KMFL became the first non-banking finance company in India to be converted into a bank – Kotak Mahindra Bank Limited (Kmb)ltd.

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]

Merger with ING Vysya Bank

In 2015, Kotak Bank acquired ING Vysya Bank in a deal valued at ₹15,000 crore (US$1.8 billion). With the merger, total employment jumped to almost 40,000, and the count of branches reached 1261.[8] After the merger, ING Group, which controlled ING Vysya Bank, owned a 7% share in Kotak Mahindra Bank.[9]

References

  1. ^ https://www.kotak.com/en/investor-relations/governance.html
  2. ^ a b c d e f "Balance Sheet 31.03.2017" kotak.com (16 March 2018).
  3. ^ "About Us". www.kotak.com. Retrieved 3 December 2015.
  4. ^ "KOTAK MAHINDRA BANK ANNOUNCES RESULTS" (PDF). www.kotak.com. Retrieved 26 October 2016.
  5. ^ "Top Banks - Private Sector Companies in India, Top Banks - Private Sector Stocks in India by Market Capitalization, List of Top Banks - Private Sector Stocks in India {2016} - BSE". www.moneycontrol.com.
  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.com. BusinessStandard. 6 December 2014. Retrieved 15 April 2015.
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