MEDIA
COVERAGE
On
Kotak Mahindra Bank to open
branch at GIFT City in Gujarat
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ONLINE
COVERAGE
On
Kotak Mahindra Bank to open
branch at GIFT City in Gujarat
No
Website
1
The Times of India
2
The Economic Times
3
Business Standard
4
Mint
5
The Hindu Business Line
6
The New Indian Express
7
The First Mail
8
Eenadu India
9
Elets Online
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Money Bhaskar
URL
http://timesofindia.indiatimes.com/business/indiabusiness/For-Kotak-ING-Vysya-merger-is-like-joint-familymoment/articleshow/47064689.cms
http://economictimes.indiatimes.com/industry/banking/fina
nce/banking/kotak-mahindra-bank-to-open-branch-at-giftcity-in-gujarat/articleshow/47068153.cms
http://www.business-standard.com/article/finance/kotakbank-to-boost-global-presence-115042800022_1.html
http://money.livemint.com/news/sector/news/kotakmahindra-bank-to-open-branch-at-gift-city-in-gujarat371042.aspx
http://www.thehindubusinessline.com/industry-andeconomy/banking/kotak-mahindra-bank-to-open-branch-atgift-city/article7146636.ece
http://www.newindianexpress.com/business/news/MergerMakes-Kotak-4th-Largest-PrivateBank/2015/04/28/article2786871.ece
http://thefirstmail.in/news/news-details/63069kotak_mahindra_bank_to_open_branch_at_gift_city_in_guja
rat#sthash.8nIpDAmT.dpbs
http://www.eenaduindia.com/State/Business/2015/04/2714
2119/Kotak-Mahindra-Bank-to-open-branch-at-GIFT-Cityin.vpf
http://bfsi.eletsonline.com/kotak-mahindra-bank-to-openbranch-at-gift-city-in-gujarat/
http://money.bhaskar.com/news/MON-PERS-PFB-kotakmahindra-bank-will-open-branch-in-gift-city-4976369NOR.html
THE TIMES OF INDIA
http://timesofindia.indiatimes.com/business/india-business/For-Kotak-ING-Vysya-merger-is-likejoint-family-moment/articleshow/47064689.cms
For Kotak, ING Vysya merger is like joint family moment
Uday Kotak's success in managing his financial conglomerate — Kotak Mahindra Bank and its nine group
companies — stems from practical lessons in his early life. "I grew up in a joint family of 60 people with
one kitchen. So I am a firm believer in the family concept." It is this learning that gives him confidence of
completing the integration of ING Vysya Bank — Kotak's latest acquisition — with the group's flagship by
March 2016. "If you are being fair, reasonable and not playing games, the joint family works," says Kotak.
Kotak has created a bank with a market capitalization of Rs 1.25 lakh crore in less than 12 years of
getting a bank licence and will continue to hold 35% in the merged entity — the fourth largest among
private banks. Addition of the South-based ING Vysya Bank's branches will result in Kotak Bank having
38% of its operations concentrated in the south. When asked whether any further acquisitions are in the
offing to correct the distribution skew or to dilute his stake to the prescribed 20%, 'watch this space' is all
that he has to say.
A primary concern he has to address is whether employees are going to be 'Bangalored' or 'Goregaoned',
he says referring to the operation centres of the two banks before the merger. "I would love to see this
marriage between Bangalore and Goregaon (Mumbai). We will have a significant presence in both." The
market, too, appears to have given thumbs up. The Kotak-ING deal has been one of the rare instances
where both the acquirer and the acquired company have gained in value. Since the announcement, ING
Vysya shares have jumped from Rs 600 to around Rs 800 while that of Kotak Bank have gone up almost
20% to Rs 1,350 from Rs 1,050.
The market confidence partly stems from Kotak's track record. An investor who put in Rs 1 lakh in 1985,
when Kotak started his finance company with a base of Rs 35 lakh, finds his holding worth Rs 1,100 crore
today. The Mahindra comes from Anand Mahindra, who put in a small sum and continues to hold a
stake. The third early investor, Sidney Pinto — a former Grindlays banker whom Kotak considers his guru
— passed away in 2011.
The ING deal comes at a time when foreign investors are bullish on India but corporate activity is yet to
pick up. This lull gives Kotak an opportunity to consolidate. To complete the integration, Kotak has
constituted an integration management office (IMO) led by the head of treasury, Mohan Shenoi. Under
the IMO is a project management office. The target given to these two teams is to make themselves
completely redundant by the end of the fiscal, which will be possible only when the merger is complete.
"We are integrating verticals step by step. The way you do it is to move from the most wholesale
business down the curve to the most retail," says Kotak. So while the treasuries of the two banks merged
on the first day, it will be around eight months by the time the customer at the branch gets the same
experience across all branches. To communicate the process of transformation to customers, all
erstwhile ING branches are being painted a shade from orange to red — the colours of both the banks.
Being a 35% stakeholder in a bank which is worth Rs 1.25 lakh crore makes Kotak one of the richest men
in the country. His philosophy towards wealth is to focus on journey. "I enjoy the journey, the
destination does not matter. The goal cannot be the destination. It has to be a fulfilling satisfying
journey," says Kotak.
While ING Vysya Bank adds to the group's distribution heft, this is not the only area where Kotak is
looking at inorganic growth. The bank's mutual fund arm recently acquired a US asset management
company Pinebridge mutual fund. The bank has bought a strategic 15% stake in Multi Commodity
Exchange and is now setting up a non-life insurance company from scratch. Besides, it announced a joint
venture with Bharti Group for an up to 20% stake in a payment bank. Kotak describes them as the "five
strategic big things" that the company has done to drive growth.
While there is not much demand for loans from corporates, Kotak is focusing on growing its retail
deposits — an area once seen as the bank's weakness where it has made progress by leaps and bounds.
"Our savings account growth has been more than 40% per annum against an industry growth that has
ranged between 15% and 20%. We have been consistent in our savings rate and we are stating that we
have no intention to reduce our 6% interest rate on savings accounts (on deposits over Rs 1 lakh) in the
foreseeable future," he says.
Ever the pragmatic banker, Kotak has signed a MoU with Gujarat government to set up an office in GIFT
City - the country' first international financial centre. It's a hedging strategy which he describes as
tapping the "values of optionality". But, at the same time, he is not in a rush to open branches. "It is
possible that the digital world may change the need for physical branches. We will continue to add
branches incrementally, but we will reach a point - whether it is 1,500, 1,800 or 2,000 branches - where
we will say enough is enough."
THE ECONOMIC TIMES
http://economictimes.indiatimes.com/industry/banking/finance/banking/kotak-mahindra-bank-toopen-branch-at-gift-city-in-gujarat/articleshow/47068153.cms
Kotak Mahindra Bank to open branch at GIFT City in Gujarat
MUMBAI: Kotak Mahindra BankBSE -0.83 %, country's fourth largest private sector lender, today said it
plans to open a branch at the international finance centre (IFC) at the GIFT City in Gujarat.
"We've decided to take some space at the GIFT city. We believe that if you're able to create an
international financial centre in India, wherever it is, we'd like to have the option of participating in
that," its executive and vice chairman Uday Kotak told PTI here.
Kotak said the bank will be tracking developments on the regulatory and taxation fronts in its effort to
start operations from the GIFT City near Ahmedabad, which is the country's first IFC.
Though located physically in the country, an IFC is aimed at acting like a foreign operations office to
facilitate easy movement of capital. For banks, it helps having a presence because they can serve the
foreign currency needs of their corporate clients through such a presence. Many Indian banks already
have a presence at a similar IFC in Dubai.
Kotak said developing an ecosystem beyond the regulatory and taxation fronts is also very important.
The Kotak Mahindra Group has a presence in New York, London, Dubai, Abu Dhabi, Mauritius and
Singapore, including representative offices and branches. The bank had recently finished Rs 15,000 crore
merger of south-focused ING Vysya BankBSE -0.32 % with it to become the fourth largest lender in
private space.
The new shares created as part of the merger got listed today. Shares of KMB were trading 2.33 per cent
down at Rs 1,336.50 apiece on the BSE at 1300 hours, as against 0.42 per cent correction in the
benchmark.
When asked about its desire to grow the international network, Kotak said the bank would like to grow
its own presence but added that its geography-specific partnerships model has also worked in its favour
till now.
"We'd like to grow internationally, certainly," he said, adding that arrangements with Sumitomo Mitsui
Bank in Japan and Evercore in USA have worked well.
"Additionally, ING Group, which now owns 6.5 per cent in the bank, will also be of help in Europe, Kotak
said. Under the merger, ING Vysya Bank shareholders were given 725 shares of Kotak for every 1,000
shares held.
Kotak today said the bank is not planning any new merger or acquisition, and will be focussing on growth
opportunities created by recent announcements like the ING merger, buy-out of PineBridge mutual fund,
investment in commodity bourse MCX, foray into general insurance and setting up a Payments Bank with
Bharti AirtelBSE -0.70 %.
Meanwhile, Kotak today sought to put an end to speculation around its 15 per cent stake in MCX, saying
it is purely a "financial investment" for the bank. Following the government's move to increase foreign
holding cap in insurance, Kotak said the bank is in discussions with its JV partner in the life space, Old
Mutual, to increase its 26 per cent stake.
"Under our agreement, Old Mutual can increase its stake subject to fair market value with a floor. We're
in discussions but no decisions have been taken yet. We haven't gone into depth yet," he said.
Asserting that the opposition by ING Vysya Bank employee unions was not a "hiccup", Kotak reiterated
that the bank will abide by the agreements between the erstwhile ING Vysya Bank and its employees.
It’s like a "joint family" and all the employees of ING Vysya have good relations with Kotak Mahindra
Bank, he said.
However, Kotak was quick to add that with growth as the mantra, the bank will be pushing employees
out of their "comfort zones". "We'll also challenge people outside their comfort zones to do something
different, something new and create opportunity.
"If somebody is doing something in banking, he can look for opportunities outside, for example, a
colleague who used to head branch banking, Mahesh Bala, is now the CEO of general insurance arm," he
added.
BUSINESS STANDARD
http://www.business-standard.com/article/finance/kotak-bank-to-boost-global-presence115042800022_1.html
Kotak Bank to boost global presence
Kotak Mahindra Bank would like to boost its international presence, though its geography-specific
partnerships model has also worked in its favour till now.
Kotak Bank's Executive Vice-Chairman and Managing Director Uday Kotak said here on Monday that
arrangements with Sumitomo Mitsui Bank in Japan and Evercore in the US have worked well.
"Additionally, ING Group, which now owns 6.5 per cent in the bank, will also be of help in Europe," Kotak
said. The Kotak Mahindra Group has a presence in New York, London, Dubai, Abu Dhabi, Mauritius and
Singapore, including representative offices and branches.
The bank recently completed the Rs 15,000-crore merger of ING Vysya Bank with it to become the fourth
largest lender in the private space. The new shares created as part of the merger were listed on Monday.
Under the merger, ING Vysya Bank shareholders were given 725 shares of Kotak Bank for every 1,000
shares held. The merged entity now has a significant national footprint of 1,250 plus branches and 1,900
plus ATMs.
The Kotak Bank stock closed lower 2.2 per cent at Rs 1,338 on the BSE. Kotak said the bank plans to open
a branch at the international finance centre (IFC) at the GIFT City in Gujarat. The bank will be tracking
developments on the regulatory and taxation fronts in its effort to start operations from the GIFT City
near Ahmedabad, which is the country's first IFC.
Though located physically in the country, an IFC is aimed at acting like a foreign operations office to
facilitate easy movement of capital. Kotak said developing an ecosystem beyond the regulatory and
taxation fronts is also very important.
MINT
http://money.livemint.com/news/sector/news/kotak-mahindra-bank-to-open-branch-at-gift-city-ingujarat-371042.aspx
Kotak Mahindra Bank to open branch at GIFT City in Gujarat
Kotak Mahindra Bank is planning to open a branch at the international finance centre (IFC) at the GIFT
City in Gujarat. The bank will be tracking developments on the regulatory and taxation fronts in its effort
to start operations from the GIFT City near Ahmedabad, which is the country’s first IFC. Though located
physically in the country, an IFC is aimed at acting like a foreign operations office to facilitate easy
movement of capital.
The Kotak Mahindra Group has a presence in New York, London, Dubai, Abu Dhabi, Mauritius and
Singapore, including representative offices and branches.
THE HINDU BUSINESS LINE
http://www.thehindubusinessline.com/industry-and-economy/banking/kotak-mahindra-bank-toopen-branch-at-gift-city/article7146636.ece
Kotak Mahindra Bank to open branch at GIFT City
Kotak Mahindra Bank, country’s fourth largest private sector lender, today said it plans to open a branch
at the international finance centre (IFC) at the GIFT City in Gujarat.
“We’ve decided to take some space at the GIFT city. We believe that if you’re able to create an
international financial centre in India, wherever it is, we’d like to have the option of participating in
that,” its executive and vice chairman Uday Kotak told PTI here.
Kotak said the bank will be tracking developments on the regulatory and taxation fronts in its effort to
start operations from the GIFT City near Ahmedabad, which is the country’s first IFC.
Though located physically in the country, an IFC is aimed at acting like a foreign operations office to
facilitate easy movement of capital.
For banks, it helps having a presence because they can serve the foreign currency needs of their
corporate clients through such a presence. Many Indian banks already have a presence at a similar IFC in
Dubai.
Kotak said developing an ecosystem beyond the regulatory and taxation fronts is also very important.
The Kotak Mahindra Group has a presence in New York, London, Dubai, Abu Dhabi, Mauritius and
Singapore, including representative offices and branches.
The bank had recently finished Rs. 15,000 crore merger of south-focused ING Vysya Bank with it to
become the fourth largest lender in private space.
The new shares created as part of the merger got listed today. Shares of KMB were trading 2.33 per cent
down at Rs. 1,336.50 apiece on the BSE at 1300 hours, as against 0.42 per cent correction in the
benchmark.
When asked about its desire to grow the international network, Kotak said the bank would like to grow
its own presence but added that its geography-specific partnerships model has also worked in its favour
till now.
“We’d like to grow internationally, certainly,” he said, adding that arrangements with Sumitomo Mitsui
Bank in Japan and Evercore in USA have worked well.
“Additionally, ING Group, which now owns 6.5 per cent in the bank, will also be of help in Europe, Kotak
said. Under the merger, ING Vysya Bank shareholders were given 725 shares of Kotak for every 1,000
shares held.
Kotak today said the bank is not planning any new merger or acquisition, and will be focussing on growth
opportunities created by recent announcements like the ING merger, buy-out of PineBridge mutual fund,
investment in commodity bourse MCX, foray into general insurance and setting up a Payments Bank with
Bharti Airtel.
Meanwhile, Kotak today sought to put an end to speculation around its 15 per cent stake in MCX, saying
it is purely a “financial investment” for the bank. Following the government’s move to increase foreign
holding cap in insurance, Kotak said the bank is in discussions with its JV partner in the life space, Old
Mutual, to increase its 26 per cent stake.
“Under our agreement, Old Mutual can increase its stake subject to fair market value with a floor. We’re
in discussions but no decisions have been taken yet. We haven’t gone into depth yet,” he said. Asserting
that the opposition by ING Vysya Bank employee unions was not a “hiccup”, Kotak reiterated that the
bank will abide by the agreements between the erstwhile ING Vysya Bank and its employees.
Its like a “joint family” and all the employees of ING Vysya have good relations with Kotak Mahindra
Bank, he said. However, Kotak was quick to add that with growth as the mantra, the bank will be pushing
employees out of their “comfort zones”. “We’ll also challenge people outside their comfort zones to do
something different, something new and create opportunity.
“If somebody is doing something in banking, he can look for opportunities outside, for example, a
colleague who used to head branch banking, Mahesh Bala, is now the CEO of general insurance arm,” he
added.
THE NEW INDIAN EXPRESS
http://www.newindianexpress.com/business/news/Merger-Makes-Kotak-4th-Largest-PrivateBank/2015/04/28/article2786871.ece
Merger Makes Kotak 4th Largest Private Bank
MUMBAI: The brass bell that Uday Kotak on Monday rang would have been heard across India’s banking
sector, with its reverberations likely to stay for a longer time.The brief ceremony at the National Stock
Exchange (NSE) on Monday heralded the arrival of Kotak Mahindra Bank among the top four private
sector banks, leaving its peer group far behind. ING Vysya shareholders got 725 shares of Kotak for its
1,000 as part of the merger. In terms of market capitalisation, Kotak is now within breathing distance of
Axis Bank. On a day when Sensex continued its southward journey with 0.95 per cent drop, Kotak shares
fell 2.2 per cent to Rs 1,338.05. With more than 1,250 branches and 1,900 ATMs, the bank now has
double the number of branches across the country compared with IndusInd Bank and Yes Bank, yet it
would have half the number of branches compared with Axis Bank. The bank also announced its
intention to set up a branch at the international finance centre at the GIFT city in Gujarat. “We believe
that if you’re able to create an international financial centre in India, wherever it is, we’d like to have the
option of participating in that,’’ vice chairman Uday Kotak said.
THE FIRST MAIL
http://thefirstmail.in/news/news-details/63069kotak_mahindra_bank_to_open_branch_at_gift_city_in_gujarat#sthash.8nIpDAmT.dpbs
Kotak Mahindra Bank to open branch at GIFT City in Gujarat
Kotak Mahindra Bank, country's fourth largest private sector lender, today said it plans to open a branch
at the international finance centre (IFC) at the GIFT City in Gujarat.
"We've decided to take some space at the GIFT city. We believe that if you're able to create an
international financial centre in India, wherever it is, we'd like to have the option of participating in
that," its executive and vice chairman Uday Kotak told PTI here.
Kotak said the bank will be tracking developments on the regulatory and taxation fronts in its effort to
start operations from the GIFT City near Ahmedabad, which is the country's first IFC.
Though located physically in the country, an IFC is aimed at acting like a foreign operations office to
facilitate easy movement of capital.
For banks, it helps having a presence because they can serve the foreign currency needs of their
corporate clients through such a presence. Many Indian banks already have a presence at a similar IFC in
Dubai.
Kotak said developing an ecosystem beyond the regulatory and taxation fronts is also very important.
The Kotak Mahindra Group has a presence in New York, London, Dubai, Abu Dhabi, Mauritius and
Singapore, including representative offices and branches.
The bank had recently finished Rs 15,000 crore merger of south-focused ING Vysya Bank with it to
become the fourth largest lender in private space.
The new shares created as part of the merger got listed today. Shares of KMB were trading 2.33 per cent
down at Rs 1,336.50 apiece on the BSE at 1300 hours, as against 0.42 per cent correction in the
benchmark.
When asked about its desire to grow the international network, Kotak said the bank would like to grow
its own presence but added that its geography-specific partnerships model has also worked in its favour
till now.
"We'd like to grow internationally, certainly," he said, adding that arrangements with Sumitomo Mitsui
Bank in Japan and Evercore in USA have worked well.
"Additionally, ING Group, which now owns 6.5 per cent in the bank, will also be of help in Europe, Kotak
said. Under the merger, ING Vysya Bank shareholders were given 725 shares of Kotak for every 1,000
shares held.
Kotak today said the bank is not planning any new merger or acquisition, and will be focussing on growth
opportunities created by recent announcements like the ING merger, buy-out of PineBridge mutual fund,
investment in commodity bourse MCX, foray into general insurance and setting up a Payments Bank with
Bharti Airtel. Meanwhile, Kotak today sought to put an end to speculation around its 15 per cent stake
in MCX, saying it is purely a "financial investment" for the bank.
Following the government's move to increase foreign holding cap in insurance, Kotak said the bank is in
discussions with its JV partner in the life space, Old Mutual, to increase its 26 per cent stake.
"Under our agreement, Old Mutual can increase its stake subject to fair market value with a floor. We're
in discussions but no decisions have been taken yet. We haven't gone into depth yet," he said.
Asserting that the opposition by ING Vysya Bank employee unions was not a "hiccup", Kotak reiterated
that the bank will abide by the agreements between the erstwhile ING Vysya Bank and its employees.
Its like a "joint family" and all the employees of ING Vysya have good relations with Kotak Mahindra
Bank, he said. However, Kotak was quick to add that with growth as the mantra, the bank will be pushing
employees out of their "comfort zones".
"We'll also challenge people outside their comfort zones to do something different, something new and
create opportunity. "If somebody is doing something in banking, he can look for opportunities outside,
for example, a colleague who used to head branch banking, Mahesh Bala, is now the CEO of general
insurance arm," he added.
EENADU INDIA
http://www.eenaduindia.com/State/Business/2015/04/27142119/Kotak-Mahindra-Bank-to-openbranch-at-GIFT-City-in.vpf
Kotak Mahindra Bank to open branch at GIFT City in Gujarat
Mumbai: Kotak Mahindra Bank, country's fourth largest private sector lender, on Monday said it plans to
open a branch at the international finance centre (IFC) at the GIFT City in Gujarat. "We've decided to
take some space at the GIFT city. We believe that if you're able to create an international financial centre
in India, wherever it is, we'd like to have the option of participating in that," its executive and vice
chairman Uday Kotak told PTI here. Kotak said the bank will be tracking developments on the regulatory
and taxation fronts in its effort to start operations from the GIFT City near Ahmedabad, which is the
country's first IFC.
Though located physically in the country, an IFC is aimed at acting like a foreign operations office to
facilitate easy movement of capital.
For banks, it helps having a presence because they can serve the foreign currency needs of their
corporate clients through such a presence.
Many Indian banks already have a presence at a similar IFC in Dubai.
Kotak said developing an ecosystem beyond the regulatory and taxation fronts is also very important.
The Kotak Mahindra Group has a presence in New York, London, Dubai, Abu Dhabi, Mauritius and
Singapore, including representative offices and branches.
The bank had recently finished Rs 15,000 crore merger of south-focused ING Vysya Bank with it to
become the fourth largest lender in private space.
The new shares created as part of the merger got listed today.
Shares of KMB were trading 2.33 per cent down at Rs 1,336.50 apiece on the BSE at 1300 hours, as
against 0.42 per cent correction in the benchmark.
When asked about its desire to grow the international network, Kotak said the bank would like to grow
its own presence but added that its geography-specific partnerships model has also worked in its favour
till now.
"We'd like to grow internationally, certainly," he said, adding that arrangements with Sumitomo Mitsui
Bank in Japan and Evercore in USA have worked well.
"Additionally, ING Group, which now owns 6.5 per cent in the bank, will also be of help in Europe, Kotak
said.
Under the merger, ING Vysya Bank shareholders were given 725 shares of Kotak for every 1,000 shares
held.
Kotak today said the bank is not planning any new merger or acquisition, and will be focussing on growth
opportunities created by recent announcements like the ING merger, buy-out of PineBridge mutual fund,
investment in commodity bourse MCX, foray into general insurance and setting up a Payments Bank with
Bharti Airtel.
ELETS ONLINE
http://bfsi.eletsonline.com/kotak-mahindra-bank-to-open-branch-at-gift-city-in-gujarat/
Kotak Mahindra Bank to open branch at GIFT City in Gujarat
Kotak Mahindra Bank is planning to open a branch at the international finance centre (IFC) at the GIFT
City in Gujarat.
“We’ve decided to open a branch at the GIFT city,” its executive and vice chairman Uday Kotak said.
Kotak said the bank will be tracking developments on the regulatory and taxation fronts to start
operations from the GIFT City near Ahmedabad.
MONEY BHASKAR
http://money.bhaskar.com/news/MON-PERS-PFB-kotak-mahindra-bank-will-open-branch-in-gift-city4976369-NOR.html
गगफ्ट सिटी में कोटक मह द्र
िं ा बैंक खोऱेगा ब्ािंच
नई हदल्ऱीीी। ननजी क्षेत्र के कोटक मह द्र
िं ा बैंक की‘गज
ु रात इिंटरनेशनऱ फाइनें ि टे क-सिटी’ (गगफ्ट सिटी) के
इिंटरनेशनऱ फाइनेंि िेंटर (आईएफिी) में बैंक शाखा खोऱने की योजना
ै।
बैंक के काययकारी एविं उपाध्यक्ष उदय कोटक ने क ा , ‘ मने गगफ्ट सिटी में शाखा खोऱने का ननर्यय सऱया
ै।
मारा मानना
ै कक अगर आप दे श में क ीिं भी आईएफिी स्थापपत करने में िक्षम
उिमें अपना योगदान दे ने का पवकल्प
ैं तो
मारे पाि
ोना चाह ये।‘
उन् ोंने क ा कक अ मदाबाद के पाि स्स्थत गगफ्ट सिटी में शाखा शुरू करने के सऱए ननयामक की मिंजूरी
ऱेने की प्रकिया जल्दा शुरू की जायेगी।