Lets Make Money Simple
|Private Sector Bank|
|Traded as||BSE: 500247|
CNX Nifty Constituent
|Industry||Banking, financial service|
|Headquarters||Mumbai, Maharashtra, India|
|Revenue||4.1 billion US dollars (2019)|
|1.2 billion US dollars (2019)|
|560 million US dollars (2019)|
|Total assets||31 billion US dollars (2019)|
Number of employees
|33,013 (2017) |
|Subsidiaries||Kotak Mahindra General Insurance|
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.
It offers 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. As of April 2019, it is second largest Indian private sector bank by market capitalization.
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.
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+.
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. After the merger, ING Group, which controlled ING Vysya Bank, owned a 7% share in Kotak Mahindra Bank.
- "Kotak Mahindra Bank Yearly Results". Retrieved 17 July 2019.
- "Balance Sheet 31.03.2017" kotak.com (16 March 2018).
- "About Us". www.kotak.com. Retrieved 3 December 2015.
- "List of private banks by market capitalization". moneycontrol.com. Retrieved 23 April 2019.
- "Top banks on a slide; smaller peers do better: Brand Finance study - The Smart Investor". Retrieved 3 September 2015.
- The Banker. "The Banker - The Banker". Retrieved 3 September 2015.
- "Kotak Bank acquires ING Vysya for INR 15,000 crore". The Hindu. Mumbai. 20 November 2014. Retrieved 15 April 2015.
- "ING Vysya staff seek job surety from Kotak". business-standard.com. BusinessStandard. 6 December 2014. Retrieved 15 April 2015.