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In April 2017, Kotak Mahindra Bank acquired Old Mutual's 26% stake in Kotak Mahindra Old Mutual Life Insurance for ₹ 1,292 crore (US$198.4 million), making the life insurance company its wholly-owned subsidiary. [30] In 2021, Kotak Mahindra Bank sold its 8.57% stake in Airtel Payments Bank to Bharti Enterprises for ₹ 295 crore (US$39.81 ...
In 2015, Kotak entered the general insurance business and is partnering with telecom magnate Sunil Mittal's Bharti Airtel to start a small payments bank. [21] Kotak has reduced his stake in the Kotak Mahindra Bank to 30% as of now, as he is required to bring it down to 20% as per RBI directions. [21]
The bank had also been ranked the "Safest Banker" by the New Indian Express and among "Top 5 Most Trusted Private Sector Banks" by the Economic Times. [7] On 20 November 2014, in an all-stock amalgamation, ING Vysya Bank decided to merge with Kotak Mahindra Bank, creating the fourth largest private sector bank in India. [8]
The Kotak Mahindra Group was founded in 1985 as a provider of financial services. [8] [9] In February 2003, Kotak Mahindra Finance Ltd (KMFL), the Group's flagship company, received banking license from the Reserve Bank of India (RBI) to conduct banking operations in the country and was renamed as Kotak Mahindra Bank, the parent company of Kotak Life Insurance. [10]
The GIFT International Financial Services Centre (GIFT IFSC) is a financial centre and special economic zone in Gujarat International Finance Tec-City (GIFT City) covering 106 ha (261 acres) established in April 2015 as a financial hub to provide world-class infrastructure and services for financial institutions and companies operating in areas such as banking, insurance, capital markets, and ...
Kotak Mutual Fund is an Indian mutual fund that is managed by Mahindra Asset Management Company (KMAMC). KMAMC started operations in December 1998 and as of 2018, had approximately 74 Lakh investors in various schemes. [6] The fund is a wholly-owned subsidiary of Kotak Mahindra Bank.
The new board consisted of Kotak Mahindra Bank managing director Uday Kotak, former IAS officer & Tech Mahindra boss Vineet Nayyar, former Securities and Exchange Board of India chief G N Bajpai, former ICICI Bank chairman G C Chaturvedi, former IAS officers Malini Shankar and Nand Kishore.
Zurich Kotak General Insurance Company is an Indian general insurance company headquartered in Mumbai. It offers non-life insurance products like motor, car, bike, health, travel, Home insurance and others. [3] It is 70% owned by Swiss insurance company Zurich Insurance.