Indian ambitions going global: Shyam Kumar, Chief Executive Officer of Kotak Mahindra (UK) Limited

Date: 09 Sep 2010


The Kotak Mahindra Group is typical of the success stories that are tumbling out of India. The company started life in 1985 and was founded by Uday Kotak, now a billionaire banker, who was born into a prosperous, Indian family. Offered a career at Citibank he decided instead to take his father up on his offer of office space to start his own business. At the time Kotak was in his early twenties, now at fifty one, he has built an institution which has $7bn under management and 90,000 staff. To label Kotak as ambitious would be the understatement of the Century.

The ownership of the company is split between Kotak (48%), private equity (9%) and a mix of institutional investors who include the $443 billion Norway Sovereign Fund. They also have employee stock options.

Shyam Kumar the Chief Executive of Kotak Mahindra (UK) Ltd, who has a hundred staff in the London operation, says there is a lot of money coming into the bank and with a population of 1billion in India, their growth is in the jet stream. “We are offering Indian finance solutions to UK including funds in Mauritius and Luxembourg.” says Kumar. “We have an Indian infrastructure fund (size $15mn ), Large cap ($60mn) and Mauritius fund ($40mn) . The UK and Switzerland are our main investors.”

The Kotak Mahindra group has offices in Dubai, Singapore and Mauritius. They won a Best Private Bank in India award for wealth management in 2009 with Finance Asia.

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