Kotak Mahindra Bank

About the Company

Kotak Mahindra Bank Limited is an Indian banking and financial services company headquartered in Mumbai. 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.[6] As of December 2023, the bank has 1,869 branches and 3,239 ATMs, including branches in GIFT City and DIFC

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.