Kotak Mahindra Bank

Source: Wikipedia, the free encyclopedia.

Kotak Mahindra Bank
Websitewww.kotak.com Edit this at Wikidata

Kotak Mahindra Bank Limited is an Indian

market capitalisation after HDFC Bank and ICICI Bank.[6] As of December 31, 2023, Kotak Mahindra Bank Ltd has 1,869 branches, 3,239 ATMs, and branches in GIFT City and DIFC (Dubai)[7]

History

1985–2002: Kotak Mahindra Finance

In 1985, Uday Kotak founded Kotak Capital Management Finance as an investment and financial services company with a loan of ₹30 lakh from family and friends.[8] In 1986, Anand Mahindra and his father Harish Mahindra invested ₹1 lakh in the company which was subsequently renamed Kotak Mahindra Finance.[9] The company was initially engaged in bill discounting, along with lease and hire purchase activities.[10]

In the early 1990s, the company started offering car financing and investment banking services and expanded its operations overseas. In 1996, car financing company Kotak Mahindra Primus was incorporated as a 60:40 joint venture between Kotak Mahindra Finance and Ford Credit International.[11] In the same year, Kotak Mahindra Finance hived off its investment banking division into a new company, Kotak Mahindra Capital, started in partnership with Goldman Sachs.[12]

In 1998, Kotak Mahindra Finance started its mutual fund arm called Kotak Mahindra AMC.[13] In 2001, OM Kotak Mahindra Life Insurance was established as a 74:26 joint venture between Kotak Mahindra Finance and Old Mutual.[14]

2003–present: Kotak Mahindra Bank

A Kotak Mahindra Bank ATM in Kolkata.

In February 2003, Kotak Mahindra Finance received a banking licence from the Reserve Bank of India, becoming India's first non-banking finance company to be converted into a bank. Kotak Mahindra Finance was then renamed Kotak Mahindra Bank.[15] At the time, Uday Kotak had a 56% stake in the company while Anand Mahindra held a 5% stake.[16]

In 2005, Kotak Mahindra Bank acquired Ford Credit's 40% stake in Kotak Mahindra Primus, making it a wholly-owned subsidiary of the group.[17] Kotak Mahindra Primus was subsequently renamed as Kotak Mahindra Prime.[18] In 2006, Kotak Mahindra Bank bought out Goldman Sachs' 25% stake in Kotak Mahindra Capital for ₹210 crore (US$46.35 million) and 25% in Kotak Securities for ₹123 crore (US$27.15 million), turning both companies into its wholly-owned subsidiaries.[19]

In 2014, Kotak Mahindra Bank acquired a 15% stake in

Financial Technologies Group for ₹459 crore (US$75.21 million) to become the company's largest shareholder.[20]

In 2014, Kotak Mahindra Bank announced the acquisition of ING Vysya Bank in a deal valued at ₹15,000 crore (US$2.34 billion). With the merger completed in 2015, Kotak Mahindra Bank had almost 40,000 employees, and the number of branches reached 1,261.[21] After the merger, ING Group, which controlled ING Vysya Bank, obtained a 6.5% stake in Kotak Mahindra Bank.[22]

In 2015, Kotak Mahindra General Insurance, a wholly-owned subsidiary of Kotak Mahindra Bank, started operations after receiving IRDAI's approval.[23] In 2016, Bharti Airtel and Kotak Mahindra Bank started an 80:20 joint venture called Airtel Payments Bank.[24]

In 2016, Kotak Mahindra Bank acquired BSS Microfinance for ₹139.2 crore (US$20.72 million).[25]

In March 2017, Kotak Mahindra Bank launched an online savings account called Kotak 811, named after the date Prime Minister Narendra Modi had announced demonetisation on 8th November the previous year,[26] which according to Uday Kotak was "the day that changed India."[27] Kotak 811 helped the bank double its number of customers by September 2018.[28]

In April 2017, Kotak Mahindra Bank acquired Old Mutual's 26% stake in Kotak Mahindra Old Mutual Life Insurance for ₹1,292 crore (US$198.4 million), making the life insurance company its wholly-owned subsidiary.[29]

In 2021, Kotak Mahindra Bank sold its 8.57% stake in Airtel Payments Bank to

Ford Credit India.[32] In 2022, it acquired the agriculture and healthcare equipment financing portfolio of DLL India.[33]

In 2023, Kotak Mahindra Bank acquired microfinancier Sonata Finance for ₹537 crore (US$67 million).[34]

Subsidiaries and associates

Major subsidiaries of the Bank include [35]

Recognition

In a study by Brand Finance Banking 500 published in February 2014 by Banker magazine, Kotak Mahindra Bank was ranked 245th among the world's top 500 banks with a brand valuation of around US$481 million and brand rating of AA+.[36][37]

Philanthropy

In 2020, Kotak pledged to donate ₹50 crore to the PM CARES Fund to fight against the COVID-19 pandemic in India.[38]

See also

References

  1. ^ a b c "Kotak Mahindra Bank Consolidated Profit & Loss account, Kotak Mahindra Bank Financial Statement & Accounts" (PDF). moneycontrol.com. Retrieved 29 April 2023.
  2. ^ "Assets Under Management" (PDF). www.kotak.com. 31 March 2023. p. in PDF on page 17.
  3. ^ a b "Kotak Mahindra Bank Consolidated Balance Sheet, Kotak Mahindra Bank Financial Statement & Accounts" (PDF). moneycontrol.com. Retrieved 29 April 2023.
  4. ^ "Annual Report 2023" kotak.com (15 July 2023).
  5. ^ "About our Stock Broking Services". Kotak Securities®. 27 September 2014.
  6. ^ "List of private banks by market capitalization". moneycontrol.com. Retrieved 23 April 2019.
  7. ^ "Press Release Q3FY24" (PDF).
  8. ^ "How Uday Kotak, world's richest banker, made $16 bn after a brush with death". mint. 18 December 2020.
  9. ^ "1 Lakh Investment Turned Into 1,400 Crores In 32 Years. This Is For Real". NDTV.com. Retrieved 15 June 2022.
  10. ^ "Kotak Mahindra Bank Ltd". Business Standard India. Retrieved 15 June 2022.
  11. ^ Philip, Lijee; Ganguli, Bodhisatva. "Kotak Mahindra to buy Ford's stake in Primus". The Economic Times. Retrieved 15 June 2022.
  12. ^ "Retail brokerage's the key unit: Kotak". The Economic Times. Retrieved 22 October 2022.
  13. ^ "Kotak Mahindra Asset Management Company Limited" (PDF). CARE Ratings. Retrieved 22 October 2022.
  14. ^ "Kotak Mahindra, Old Mutual get nod for life insurance JV". www.rediff.com. Retrieved 15 June 2022.
  15. ^ "RBI gives Kotak Mahindra banking licence". The Times of India. Retrieved 15 June 2022.
  16. ^ "Kotak Mahindra Finance in limelight". www.rediff.com. Retrieved 15 June 2022.
  17. ^ "Kotak Mahindra, Ford to end JV". The Economic Times. Retrieved 15 June 2022.
  18. ^ "Kotak Mahindra Prime Limited". ICRA. Retrieved 15 June 2022.
  19. ^ "Kotak, Goldman Sachs part ways - Global financial powerhouse plans $1-bn investment in India". The Telegraph. Retrieved 22 October 2022.
  20. ^ "Kotak to buy 15% stake in MCX for Rs 459 cr". Business Standard. 21 July 2014. Retrieved 8 November 2022.
  21. ^ "Kotak Bank acquires ING Vysya for INR 15,000 crore". The Hindu. Mumbai. 20 November 2014. Retrieved 15 April 2015.
  22. ^ "ING Vysya staff seek job surety from Kotak". Business Standard India. BusinessStandard. 6 December 2014. Retrieved 15 April 2015.
  23. ^ "Kotak Mahindra Gen Insurance gets IRDAI nod to commence biz". Moneycontrol. Retrieved 22 October 2022.
  24. ^ "Airtel Payments Bank launched, with vow to shake up old banking system". mint. 12 January 2017. Retrieved 1 May 2021.
  25. ^ S, Rajalakshmi (30 September 2016). "Kotak Bank to acquire 99.5% stake in BSS Microfinance". The Hindu Business Line. Retrieved 8 November 2022.
  26. ^ Balakrishnan, Ravi (24 May 2017). "Life after 8/11: Banks believe the customers will return, once they're done flirting with e-wallets". The Economic Times. Retrieved 7 November 2022.
  27. ^ "Kotak Bank Launches 811 'Zero Balance, Zero Charge' Account. Details Here". NDTV. Retrieved 7 November 2022.
  28. ^ "How Kotak Mahindra Bank Scripted Marketing History". Forbes India. Retrieved 7 November 2022.
  29. ^ Sinha, Shilpy. "Kotak to buy out Old Mutual in insurance JV". The Economic Times. Retrieved 15 June 2022.
  30. ^ "Kotak Mahindra Bank sells 20 crore shares in Airtel Payments Bank for Rs 295 crore". Economic Times. Retrieved 22 October 2022.
  31. ^ "Kotak Mahindra acquires vehicle financing portfolio of Volkswagen Finance". Mint. 16 September 2021. Retrieved 8 November 2022.
  32. ^ "Kotak Prime acquires passenger vehicle financing portfolio of Ford Credit". Mint. 22 December 2021. Retrieved 8 November 2022.
  33. ^ Mishra, Lalatendu (8 July 2022). "Kotak Mahindra Bank acquires agri, healthcare portfolio of DLL India". The Hindu. Retrieved 17 February 2023.
  34. ^ "Kotak Mahindra Bank acquires microlender Sonata for Rs 537 cr in all cash deal - ET BFSI". Economic Times. Retrieved 17 February 2023.
  35. ^ "Investor Presentation" (PDF).
  36. ^ "Top banks on a slide; smaller peers do better: Brand Finance study – The Smart Investor". Retrieved 3 September 2015.
  37. ^ The Banker. "The Banker – The Banker". Retrieved 3 September 2015.
  38. ^ "Kotak Mahindra Bank, Uday Kotak jointly pledge ₹50 to PM-CARES Fund". Livemint. 29 March 2020. Retrieved 2 July 2020.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Kotak_Mahindra_Bank&oldid=1217938895"