History

Kotak Mahindra group, established in 1985 by Uday Kotak, is an Indian financial

services conglomerate. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the
Groups flagship company, received a banking licence from the Reserve Bank of
India (RBI). With this, KMFL became the first non-banking finance company in India
to be converted into a bank Kotak Mahindra Bank Limited (KMBL). In a study by
Brand Finance Banking 500, published in February 2014 by the Banker magazine
(from The Financial Times Stable), KMBL was ranked 245th among the worlds top
500 banks with brand valuation of around half a billion dollars ($481 million) and
brand rating of AA+.[6] [7]
Timeline

Year

Milestone

1985 Kotak Mahindra Finance Limited commences bill discounting business

1987 Kotak Mahindra Finance Limited enters leasing and hire purchase business
1990 Starts the auto finance division for financing passenger cars
1991 Launches investment banking business
1992 Enters the funds syndication business
1995 Commenced joint venture with Goldman Sachs Group Inc.
Investment Banking division incorporated into a separate company - Kotak Mahindra
Capital Company

1996 The auto finance business is hived off into a separate company - Kotak
Mahindra Prime Limited (formerly known as Kotak Mahindra Primus Limited).
Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Limited, for
financing Ford vehicles.

1998 Launches mutual fund through Kotak Mahindra Asset Management Company
(KMAMC).

2000 Kotak Securities launches online broking business (now

www.kotaksecurities.com[8]).
2001 Launches insurance business, partners Old Mutual from South Africa to form
Kotak Mahindra Old Mutual Life Insurance Ltd.
2003 Kotak Mahindra Finance Ltd. (KMFL), the group's flagship company, receives
banking license from the Reserve Bank of India (RBI). With this, KMFL becomes the
first non-banking finance company to be converted into a commercial bank - Kotak
Mahindra Bank Ltd.
2004 Enters alternate assets business with the launch of a private equity fund.
2005 Kotak Mahindra Group realigns joint venture in Ford Credit; takes 100%
ownership of Kotak Mahindra Prime (formerly known as Kotak Mahindra Primus
Limited) and sells its stake in Ford credit Mahindra to Ford.
2005 Launches a real estate fund
2006 Buys out Goldman Sachs' equity stake in Kotak Mahindra Capital Company
and Kotak Securities Ltd
2008 Launched a Pension Fund under India's National Pension System (NPS)
2009 Kotak Mahindra Bank Ltd. opens a representative office in Dubai
Kotak Mahindra Bank Ltd. becomes anchor investor in Ahmedabad Commodities
Exchange (ACE)

2015 ING Vysya Bank has merged with Kotak Mahindra Bank with effect from 1
April 2015.[9]
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