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]
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Traded as | BSE: 500247 NSE: KOTAKBANK BSE SENSEX Constituent NSE NIFTY 50 Constituent |
ISIN | INE237A01028 |
Industry | Banking, financial service |
Founded | February 2003 |
Founders | Uday Kotak |
Headquarters | Mumbai, Maharashtra, India |
Key people |
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Total assets | ![]() |
Number of employees | 33,013 (2017)[1] |
Subsidiaries |
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Website | www |
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]
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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]
Corporate Social Responsibility
In 2020, Kotak have pledged to donate 50 Crores to PM Cares Fund to fight against Covid-19 Pandemic in India.[8]
See also
References
- "Balance Sheet 31.03.2017" kotak.com (16 March 2018).
- "List of private banks by market capitalization". moneycontrol.com. Retrieved 23 April 2019.
- "About Us". www.kotak.com. Retrieved 3 December 2015.
- "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 India. BusinessStandard. 6 December 2014. Retrieved 15 April 2015.
- "Kotak Mahindra Bank, Uday Kotak jointly pledge ₹50 crore to PM-CARES Fund". Livemint. 29 March 2020. Retrieved 2 July 2020.