Kotak Mahindra Bank

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 February 2021, it is the third largest Indian private sector bank by market capitalization, with 1600 branches & 2519 ATMs.[5]

Kotak Mahindra Bank Limited
TypePublic
ISININE237A01028
IndustryBanking
financial services
FoundedFebruary 2003 (2003-02)
FoundersUday Kotak
HeadquartersMumbai, Maharashtra, India
Key people
Revenue ₹50,365.74 crore (US$7.1 billion) [1] (2020)
₹29,880.59 crore (US$4.2 billion) [1] (2020)
₹8,593.36 crore (US$1.2 billion) [1] (2020)
Total assets ₹443,172.71 crore (US$62 billion) [2] (2020)
Total equity ₹65,677.60 crore (US$9.2 billion) [2] (2020)
Number of employees
33,013 (2017)[3]
Subsidiaries
Websitewww.kotak.com

History

In 1985, Uday Kotak founded what later became an Indian financial services conglomerate.[6] 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.[7]

In a study by Brand Finance Banking 500 published in February 2014 by Banker magazine, KMBL was ranked 245th among the world's top 500 banks with a brand valuation of around $481 million and brand rating of AA+.[8][9]

A Kotak Mahindra Bank ATM in Kolkata

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 completed, Kotak Mahindra Bank had almost 40,000 employees, and the number of branches reached 1,261.[10] After the merger, ING Group, which controlled ING Vysya Bank, owned a 7% share in Kotak Mahindra Bank.[11]

Corporate Social Responsibility

In 2020, Kotak pledged to donate ₹50 crore to the PM CARES Fund to fight against the COVID-19 pandemic in India.[12]

See also

References
  1. "Kotak Mahindra Bank Consolidated Profit & Loss account, Kotak Mahindra Bank Financial Statement & Accounts". moneycontrol.com. Retrieved 31 August 2020.
  2. "Kotak Mahindra Bank Consolidated Balance Sheet, Kotak Mahindra Bank Financial Statement & Accounts". moneycontrol.com. Retrieved 31 August 2020.
  3. "Balance Sheet 31.03.2017" kotak.com (16 March 2018).
  4. "About our Stock Broking Services". Kotak Securities®.
  5. "List of private banks by market capitalization". moneycontrol.com. Retrieved 23 April 2019.
  6. "How Uday Kotak, world's richest banker, made $16 bn after a brush with death". mint. 18 December 2020.
  7. "About Us". kotak.com. Retrieved 3 December 2015.
  8. "Top banks on a slide; smaller peers do better: Brand Finance study – The Smart Investor". Retrieved 3 September 2015.
  9. The Banker. "The Banker – The Banker". Retrieved 3 September 2015.
  10. "Kotak Bank acquires ING Vysya for INR 15,000 crore". The Hindu. Mumbai. 20 November 2014. Retrieved 15 April 2015.
  11. "ING Vysya staff seek job surety from Kotak". Business Standard India. BusinessStandard. 6 December 2014. Retrieved 15 April 2015.
  12. "Kotak Mahindra Bank, Uday Kotak jointly pledge ₹50 crore to PM-CARES Fund". Livemint. 29 March 2020. Retrieved 2 July 2020.

Official website

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