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Uday Kotak

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Uday Kotak
Born (1959-03-15) 15 March 1959 (age 65)
NationalityIndian
Alma materUniversity of Mumbai
Occupation(s)Founder and chairman of Kotak Mahindra Bank
SpousePallavi Kotak
Children2

Uday Kotak (born 15 March 1959) is an Indian banker; executive vice chairman and managing director of Kotak Mahindra Bank.

In early 1980s, while India was still a closed economy and economic growth was muted, Uday Kotak decided to start out on his own, refusing a lucrative job option from a multinational.[2] Over the next few years, he diversified his business into various areas of financial services, establishing a prominent presence in bills discounting, stockbroking, investment banking, car finance, life insurance and mutual funds. On 22 March 2003, Kotak Mahindra Finance Ltd. became the first company in India’s corporate history to receive a banking license from Reserve Bank of India.[3]

Forbes estimated his wealth to be $4.1 billion in 2012.[4] In 2006 he ended a 14 year partnership with Goldman Sachs by acquiring its 25% stake in two subsidiaries for $72 million.[5] In June 2014, he was named Ernst & Young World Entrepreneur of the Year 2014.[6]

Early life and education

Kotak was raised in an upper middle class Gujarati Lohana joint-family [7] household with 60 persons sharing a common kitchen under one roof. The family was originally into cotton trading. He called this "Capitalism at work and Socialism at home".[8]

His two pastimes had been cricket and playing the sitar. In a 2014 interview with NDTV he admitted that he was no longer pursuing his playing of the sitar.[8]

His talent in mathematics influenced his choice of career. He obtained his Bachelor's Degree from Sydenham College and completed his post graduation in management studies in 1982 from Jamnalal Bajaj Institute of Management Studies.[9]

Career

After completing his MBA, Kotak started Kotak Capital Management Finance Ltd. (which later became Kotak Mahindra Finance Ltd.) From a seed capital of less than US$80,000 borrowed from family and friends, he converted a bill-discounting start-up into a financial services conglomerate with assets of US$19 billion (as of March 31, 2014), and the fourth largest private bank by market capitalization in India with over 600 branches.[10][11]

During 2014, Kotak almost doubled his wealth as shares of his Kotak Mahindra Bank hit an all-time high after he sealed a $2.4 billion deal in November 2014 for rival ING Vysya Bank, partly owned by Dutch financial services group ING.[12]

In 2015, Kotak enters the general insurance business and is partnering telecom magnate Sunil Mittal's Bharti Airtel to start a small payments bank.[12]

Kotak has reduced his stake in the Kotak Mahindra Bank to 40% as he is required to bring down his holding to 30% by 2016.[12]

Memberships

Kotak is a member of the Government of India’s High Level Committee on Financing Infrastructure, the Primary Market Advisory Committee of the Securities & Exchange Board of India, Member of the Board of Governors of the National Institute of Securities Markets and ICRIER. He is also Governing Member of the Mahindra United World College of India, and Member of National Council of CII.[citation needed] Kotak is also a member of the strategic board which advises the national law firm, Cyril Amarchand Mangaldas.[13]

Personal life

He is married to Pallavi Kotak, has two children and lives in Mumbai.[1]

Awards

  • Sole Indian Financier to feature in Money Masters: The Most Powerful People in The Financial World, by Forbes magazine, USA (May 2016)[14]
  • Received the ‘AIMA-JRD Tata Corporate Leadership Award’ for the year 2015 at AIMA’s 2nd National Leadership Conclave[15]
  • ‘Best Transformational Leader Award 2015’ by Asian Centre for Corporate Governance & Sustainability in 2016[16]
  • ‘ET Business Leader of the Year’ at ET Awards 2015 for Corporate Excellence [17]
  • ‘Entrepreneur of the Year’ at Forbes India Leadership Awards 2015[18]
  • 'Entrepreneur of the Decade' by Bombay Management Association (BMA) in 2015[19]
  • Banker of the Year 2014 by Businessworld [20]
  • Ernst & Young World Entrepreneur of the Year 2014 Award[21]
  • Ernst & Young Entrepreneur of the Year 2013 Award (India)[22]
  • Banker of the Year 2013-14 at FE Best Bank’s Awards [23]
  • Special award for his contribution in the growth of India’s equity markets at India’s Best Market Analyst Awards 2012 by Zee Business in 2012[citation needed]
  • ‘Financial Leadership Award’ at NDTV Profit's Business Leadership Awards 2011 in 2012[citation needed]
  • CNBC Asia’s Business Leader of the Year in 2008[citation needed]
  • CNBC TV18’s ‘Innovator of the Year award’ in 2006[citation needed]
  • Financial leaders of the 21st Century by Euromoney[citation needed]
  • ‘Global Leader for tomorrow’ by World Economic Forum’s annual met at Davos in 1996[citation needed]

References

  1. ^ a b "Uday Kotak". Forbes.com. Retrieved 23 September 2016.
  2. ^ "Rendezvous with destiny EY World Entrepreneur of the Year 2014". Forbes.com. Retrieved 4 September 2015.
  3. ^ "Rendezvous with destiny EY World Entrepreneur of the Year 2014". Uniassignment.com. Retrieved 4 September 2015.
  4. ^ "Uday Kotak". Forbes. Retrieved 4 September 2015.
  5. ^ "'Uday Kotak and his men threatened my family'". mid-day.com.
  6. ^ "Uday Kotak named EY World Entrepreneur Of The Year 2014". news.biharprabha.com. Retrieved 12 June 2014.
  7. ^ "Uday Kotak". Timesofindia.indiatimes.com. 15 March 1959. Retrieved 3 September 2015.
  8. ^ a b "Walk The Talk with Uday Kotak". ndtv.com. 26 July 2014.
  9. ^ "Uday Kotak Biography". mapsofindia.com.
  10. ^ "Dr. K. C. Chakrabarty, Deputy Governor, Reserve Bank of India, formally inaugurates Kotak Mahindra Bank's landmark 500th branch and 1,000th ATM" (PDF). Kotak.com. Retrieved 4 September 2015.
  11. ^ "Vir Sanghvi". virsanghvi.com.
  12. ^ a b c Kyle Wong. "Uday Kotak". Forbes.
  13. ^ Vyas, Maulik. "Cyril Shroff ropes in business luminaries like Narayana Murthy, Deepak Parekh, Uday Kotak and others for advisory board of his law firm". The Economic Times. Retrieved 10 August 2015.
  14. ^ "Sole Indian Financier to feature in Money Masters: The Most Powerful People in the financial World". Forbes Magazine. 11 May 2016.
  15. ^ "2nd National Leadership Conclave, 03-04 March, New Delhi". Aima.in. Retrieved 24 September 2016.
  16. ^ "Asian Centre's Corporate Governance, Sustainability & Leadership Awards 2012 « Asian Center for Corporate Governance". Asiancentre.org. 2 February 2016. Retrieved 24 September 2016.
  17. ^ "ET Awards 2015: How entrepreneurs like Uday Kotak and Kunal Bahl took India Inc to new heights". Economictimes.indiatimes.com. 19 October 2015. Retrieved 24 September 2016.
  18. ^ "Forbes India Leadership Awards 2016". Forbesindia.com. Retrieved 24 September 2016.
  19. ^ "Ratan Tata gets BMA lifetime award for 2013-14". Hindustantimes.com. 17 February 2015. Retrieved 4 September 2015.
  20. ^ [1][dead link]
  21. ^ "Uday Kotak wins the EY World Entrepreneur of the Year Awards". Financial Times.
  22. ^ "Entrepreneur Of The Year India 2013: EY Entrepreneur Of The Year 2013 - EY - India". EY. Retrieved 3 September 2015.
  23. ^ "Banker of the Year 2013-14".
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