Kotak Mahindra Bank
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| Company type | Public |
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| BSE: 500247 NSE: KOTAKBANK | |
| Industry | Financial service |
| Founded | 1985 (as Kotak Mahindra Finance Ltd) |
| Headquarters | , |
Key people |
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| Products | Deposit accounts, Loans, Investment services, Business banking solutions, Treasury and Fixed income products etc. |
| Revenue |  ₹10,963 crore (US$1.3 billion)(2011)[1] |
| ₹1,569 crore (US$180 million)(2011) | |
| Website | www |
Kotak Mahindra Bank is an Indian bank and financial service firm established in 1985. It was previously known as Kotak Mahindra Finance Limited, a non-banking financial company.
In February 2003, Kotak Mahindra Finance Ltd, the group's flagship company was given the licence to carry on banking business by the Reserve Bank of India (RBI). Kotak Mahindra Finance Ltd. is the first company in the Indian banking history to convert to a bank. As of 2011 to October 2013, it has more than 500 branches, over 1,000 ATMs and a consolidated balance sheet of approx. US$ 2.9 billion.
The Bank has its registered office at Bandra Kurla Complex, Bandra,Mumbai.
History
The company was founded in 1985 by Uday Kotak. In 2003, the company converted to a commercial bank when it received a license from the Reserve Bank of India, becoming the first Indian finance company to do so.
In 2005, it made a significant investment when it bought stressed assets from a number of banks, at full loan value of ₹1,000 crores.[2]
In January 2011, the bank reported a 32% rise in net profit to ₹188 crores for the quarter ended December 2010 against ₹142 crores the corresponding quarter last year.[3] Kotak Mahindra bank also reached the top 100 most trusted brands of India in The Brand Trust Report published by Trust Research Advisory in 2011.
Key milestones in the company history included;
| Year | Milestone |
|---|---|
| 1986 | Kotak Mahindra Finance Limited starts the activity of Bill Discounting |
| 1987 | Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market |
| 1990 | The Auto Finance division is started |
| 1991 | The Investment Banking Division is started. Takes over FICOM, one of India's largest financial retail marketing networks |
| 1992 | Enters the Funds Syndication sector |
| 1995 | Brokerage and Distribution businesses incorporated into a separate company - Kotak Securities. Investment Banking division incorporated into a separate company - Kotak Mahindra Capital Company |
| 1996 | The Auto Finance Business is hived off into a separate company -Kotak Mahindra Prime Limited (formerly known as Kotak Mahindra Primus Limited). Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information Services Limited marks the Group's entry into information distribution. |
| 1998 | Enters the mutual fund market with the launch of Kotak Mahindra Asset Management Company. |
| 2000 | Kotak Mahindra ties up with Old Mutual plc. for the Life Insurance business. |
| 2000 | Kotak Securities launches its on-line broking site (now www.kotaksecurities.com). Commencement of private equity activity through setting up of Kotak Mahindra Venture Capital Fund. |
| 2001 | Matrix sold to Friday Corporation |
| 2001 | Launches Insurance Services |
| 2003 | Kotak Mahindra Finance Ltd. converts to a commercial bank - the first Indian company to do so. |
| 2004 | Launches India Growth Fund, a private equity fund. |
| 2005 | Kotak Group realigns joint venture in Ford Credit; Buys Kotak Mahindra Prime (formerly known as Kotak Mahindra Primus Limited) and sells Ford credit Mahindra. |
| 2005 | Launches a real estate fund |
| 2006 | Bought the 25% stake held by Goldman Sachs in Kotak Mahindra Capital Company and Securities |
| 2008 | Launched a Pension Fund under the New Pension System |
| 2009 | Kotak Mahindra Bank Ltd. Opened a representative office in Dubai
Entered Ahmedabad Commodity Exchange as anchor investor |
| 2010 | Ahmedabad Derivatives and Commodities Exchange, a Kotak anchored enterprise, became operational as a national commodity exchange. |
| 2011 | Kotak Mahindra Bank Ltd entered into a Business Cooperation arrangement with CIMB Group Sdn Bhd, Malaysia. |
References
- ^ Result March 2010 on BSE
- ^ "Kotak Mahindra Bank buys Rs 1,000-cr stressed assets". Business Line, The Hindu. Jun 11, 2005.
- ^ "Kotak Mahindra Bank net up 32% at Rs 188 cr". Jan 21, 2011.
External links
 NIFTY 50 companies of India | |
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