Mumbai, November 11, 2016: Kotak Mahindra Bank (Kotak), India’s fourth largest private sector bank, today announced that it has received Reserve Bank of India’s approval to set up its branch in Dubai International Financial Centre (DIFC), Dubai. This will be the first international branch of Kotak. The approval from RBI is subject to the necessary approvals to be received from the host regulator viz., Dubai Financial Services Authority (DFSA).
DIFC is one of the leading global financial centers with sizeable business opportunities. The strategy behind launching a branch in DIFC is to access off-shore markets and improve capabilities in forex operations.
Through this branch, Kotak will be able to raise off-shore deposits from Individuals and non-individuals and also offer off-shore asset products. It will enable Kotak to participate in financing the increasing global trade flows with India, provide loans and develop a platform to build the Bank’s syndication and structuring capabilities, thereby create a stronger franchise.
In addition to the proposed branch of KMBL in DIFC, Kotak Mahindra Group has international offices in London, New York, Texas, California, Dubai, Abu Dhabi, Mauritius and Singapore.
About Kotak Mahindra Group
Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI), becoming the first nonbanking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd.
As on September 30, 2016, Kotak Mahindra Bank Ltd, has a national footprint of 1,336 branches spread across 702 locations and 2,044 ATMs.
The consolidated net worth of the Group stands at Rs. 35,690 cr ($ 5.4 billion; $1.00 @ Rs. 66.6150) as on September 30, 2016. The Group offers a wide range of financial services that encompass every sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and investment banking, the Group caters to the diverse financial needs of individuals and the corporate sector. The Group has a wide distribution network through branches and franchisees across India, an International Business Unit at GIFT city, Gujarat, and international offices in London, New York, Texas, California, Dubai, Abu Dhabi, Mauritius and Singapore.
About Kotak Mahindra Bank Limited
Established in 1985, Kotak Mahindra Group is one of India's leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd., the Group's flagship company, received banking license from the Reserve Bank of India, becoming the first non-banking finance company in India to convert into a bank - Kotak Mahindra Bank Ltd.
Effective April 1, 2015, ING Vysya Bank Ltd. merged with Kotak Mahindra Bank Ltd. As on September 30, 2016, Kotak Mahindra Bank Ltd. has a national footprint of 1,336 branches and 2,044 ATMs spread across 702 locations.
The Bank has four Strategic Business Units – Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to retail and corporate customers across urban and rural India.