Kotak Mahindra Bank

Kotak Mahindra Bank 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.[2]

Kotak Mahindra Bank Ltd
Private
Traded asBSE: 500247
NSE: KOTAKBANK
CNX Nifty Constituent
ISININE237A01028 
IndustryBanking, financial service
FoundedFebruary 2003
FoundersUday Kotak
HeadquartersMumbai, Maharashtra, India
Key people
Revenue ₹33,665 crore (US$4.7 billion) (2020)
₹13,715 crore (US$1.9 billion) (2020)
₹8,593 crore (US$1.2 billion) (2020)
Total assets ₹443,173 crore (US$62 billion) (2020)
Number of employees
33,013 (2017)[1]
SubsidiariesKotak Mahindra General Insurance

Kotak Life Insurance Kotak Mutual Fund Kotak Mahindra Prime Ltd.

Airtel Payments Bank
Websitewww.kotak.com

History

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 (RBI). With this, KMFL became the first non-banking finance company in India to be converted into a bank: Kotak Mahindra Bank Limited.[3]

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+.[4][5]

Acquisition of ING Vysya Bank

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.[6] After the merger, ING Group, which controlled ING Vysya Bank, owned a 7% share in Kotak Mahindra Bank.[7]

See also

References
  1. "Balance Sheet 31.03.2017" kotak.com (16 March 2018).
  2. "List of private banks by market capitalization". moneycontrol.com. Retrieved 23 April 2019.
  3. "About Us". www.kotak.com. Retrieved 3 December 2015.
  4. "Top banks on a slide; smaller peers do better: Brand Finance study - The Smart Investor". Retrieved 3 September 2015.
  5. The Banker. "The Banker - The Banker". Retrieved 3 September 2015.
  6. "Kotak Bank acquires ING Vysya for INR 15,000 crore". The Hindu. Mumbai. 20 November 2014. Retrieved 15 April 2015.
  7. "ING Vysya staff seek job surety from Kotak". Business Standard India. BusinessStandard. 6 December 2014. Retrieved 15 April 2015.

Official website

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