According to a media report, private sector lender Kotak Mahindra Bank is looking at acquisitions in India in the coming months.
Speaking to the Dubai Daily, Emirates Business, Kotak Mahindra Bank Executive Vice-Chairman and Managing Director Uday Kotak said, “We are always open to any good acquisition ideas and certainly open for it… We are sitting on huge capital, we have surplus capital, we have more than 20 per cent capital adequacy, our businesses are generating significant cash. We actually feel we will be in a position to do consolidation. I also see some consolidation in asset management and securities business in India, which would happen in next 12-14 months.”
According to the business daily, the bank recently opened its representative office in Dubai and a subsidiary of Kotak Securities called Kotak Mahindra Financial Services in the Dubai International Financial Centre (DIFC). The group also has an asset management business in Dubai.
Mr. Kotak said that they hoped to have a representative office in Abu Dhabi within the next two to three months. He added that the company was in a position to provide comprehensive services to their clients.