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.

History

In 1985 Uday Kotak founded what later became an Indian financial services conglomerate. In February 2003, Kotak Mahindra Finance Ltd., the group's flagship company, received a banking licence from the Reserve Bank of India. 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, KMBL was ranked 245th among the world's top 500 banks with brand valuation of around half a billion dollars and brand rating of AA+.
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Acquisition of ING Vysya Bank

In 2015, Kotak Bank acquired ING Vysya Bank in a deal valued at. 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.

Corporate Social Responsibility

In 2020, Kotak have pledged to donate 50 Crores to PM Cares Fund to fight against Covid-19 Pandemic in India.