Kotak Mahindra Bank has signed a definitive agreement to acquire Deutsche Bank’s retail banking, private banking and wealth management business in India. The acquisition will add about Rs 29,000 crore in loans, Rs 16,000 crore in deposits and Rs 10,000 cr Investment AUM to Kotak Bank’s balance sheet. The deal will add 150,000 customers and … Read more
Kotak Mahindra Bank Saturday confirmed that it is looking at Deutsche Bank’s retail business, which is on the block, while stating that it has dropped out of IDBI Bank acquisition race because of the valuation and it would be ‘difficult to swallow’.Responding to queries at an earnings press conference Ashok Vaswani, MD & CEO said … Read more
In a media interview, Kotak Bank’s CEO, Ashok Vaswani has communicated his target to be the 3rd largest private bank by 2030. From the interaction it was unclear whether the aspiration is on balance sheet, profits, ROE or all. As of now Kotak is the 4th largest private bank after HDFC, ICICI and Axis. In … Read more
Reserve Bank of India (RBI), has directed Kotak Mahindra Bank (KMB) to cease and desist, with immediate effect from onboarding new customers through the Bank’s online and mobile banking channels; and issuing fresh credit cards. “These actions are necessitated based on significant concerns arising out of Reserve Bank’s IT Examination of the bank for the … Read more
Uday Kotak has been leading Kotak Mahindra Bank (KMB) since its inception as a non-banking financial institution in 1985. It became a commercial lender in 2003. He has a net worth of about $13.4 billion. Mr Kotak will transition from his CEO position by the end of next year, after central bank guidelines capped tenures … Read more
With an intention to reduce non-banks business risks and focus on boosting credit growth, Reserve Bank of India (RBI) has asked banks to reduce their stake in insurance companies to 30%. The limit is 50% for NBFCs holding stakes in the insurance companies. Banks may get 3-5 years to implement this rule As per the … Read more
Mystery around Yes Bank’s future fails to die down… Over last few months everyone including investors, analysts, consumers and competitors are equally confused as to the future of Yes Bank. Lender’s capital raising plan is also passing through uncertainties and there are speculations on whether Yes Bank is an acquisition target, which has been denied … Read more