Kotak Mahindra Bank, the India-based private sector lender is looking at acquisitions in the coming months in India, reported Zawya.com. Reportedly, the bank has recently opened its representative office in Dubai and a subsidiary of Kotak Securities called Kotak Mahindra Financial Services in the Dubai International Financial Centre. The bank also has its asset management business in Dubai and is big on plans for this region.
In an interview to Economic Times, C Jayaram, executive director of Kotak Mahindra Bank, said: “We have emerged as one of the leading players in the industry with assets under management in the range of INR130 billion.”
Uday Kotak, executive vice chairman and managing director of Kotak Mahindra Bank, said: “We are open to consolidation but on terms that make sense. In our position, we will buy, we will be consolidators, we are sitting on huge capital. We have surplus capital, our capital adequacy is more than 20% and our businesses are generating significant cash. We actually feel we will be in a position to do consolidation,” reported Zawya.com.
