Kotak Mahindra bank plans for domestic acquisition

January 30, 2012 by gunapriya_ifb

Kotak Mahindra Bank has drawn out a plan to position itself as a world class bank in the global market. To reach out the destination, the bank has planned to adopt local acquisition shortly.

Kotak Mahindra bank has planned to develop its empire as world class bank with world scale, world quality and world size.

 The bank has expressed optimism to achieve the target in the next 5 to 10 years. The bank is 25 years old with over 20,000 employees . The market capitalization of the bank stood at Rs.36,000 crore.

Kotak said, it will try hard to change the normal people perception about the ranking in private sector bank and also viewing Kotak  as small one in the banking industry.

Over the period of 5 to 10 years, Kotak has planned to fetch one of the top positions in the private sector bank. At present, ICICI bank and HDFC bank are notable banks in private sector by public. Kotak hopes to change scenario in future.

Uday Kotak led Kotak Mahindra bank has a presence in Inusrance, Brokerage, Asset Management, Auto finance, Investment banking, Equity Research and a host of other  financial services segments.

Kotak has recorded a revenue of Rs.11,000 crore and net profit of Rs.1,500 crore during the last financial year.

The shares of the bank were trading 1.61% down at Rs.483.70 per share during the early trade on BSE. The scrip has touched a day high of Rs.494.10 per share and a day low of Rs.481.55 per share in the trade so far.