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Uday says B'luru will be a major hub for Kotak

Has no plans to sell MCX stake; rules out other near-term buys
Last Updated 27 April 2015, 18:39 IST

Bengaluru is going to be next big hub for Kotak Mahindra Bank following the merger of ING Vysya Bank with itself, according to Kotak Mahindra Bank executive chairman and managing director Uday Kotak.

“We are excited about our increasing presence in the south, especially in Bengaluru, and I genuinely believe that the city is truly a leading city of India,” Uday Kotak told Deccan Herald.

Over the last 20-25 years I have seen the transformation of Bangalore from being a little town to where it is today and, therefore, a significant presence in Bengaluru after Mumbai is just awesome. We would really want to make sure that Bengaluru remains a significant hub for our future operations, Kotak added.

Kotak Mahindra Bank had announced the merger of Bangalore-based ING Vysya Bank in November in an all-stock deal. As per the scheme of merger, shareholders of ING Vysya Bank received 725 shares of Kotak Mahindra Bank for every 1,000 shares of ING Vysya Bank, and shareholders of ING Vysya Bank were issued 13.92 crore shares of Rs 5 each as part of the deal. ING Vysya Bank merged with Kotak Mahindra Bank effective April 1, 2015, to create an entity worth Rs 2 lakh crore.

As far as the stake buy in MCX is concerned, Kotak said that the bank has no plans to sell the stake and that it is not looking at any acquisitions in the short term. “At this stage, we have no plans to sell the stake in MCX. It is purely a financial stake and no involvement with governance,” he said.

“Our different arms look at investing in companies from time to time. At present, there is no plan for any inorganic move in the immediate future,” said Kotak.

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(Published 27 April 2015, 18:39 IST)

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