Riding high on the increasing foreign interest to invest in India, Kotak Mahindra Bank is all set to expand its international presence. The private sector bank plans to double its income from global asset management activities in four years, and expects its international subsidiaries in Mauritius, London, Dubai and New York to contribute up to 15 per cent of the group's bottom line by 2010. | |
| "Our international business has been a major growth area for the group. Over the next 4-5 years, we will be investing in this business. The international business should contribute 10-15 per cent of the group's bottom line in the next four years," Paul Parambi, head international business and product group, Kotak Mahindra Bank, said. |
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| The bank's international subsidiaries registered a net profit of Rs 35.01 crore in FY07, which accounted for nearly six per cent of the group's consolidated profit of Rs 238.24 crore during the year. The global business witnessed nearly 162 per cent growth in net profit in FY07, based on profits from its global asset management business. The AMC business of international subsidiaries forms 70 per cent of its total revenues, while the rest of the income comes from broking and other related services offered to overseas clients. |
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| Kotak's wholly-owned subsidiaries have invested around $ 1.5 billion worth of assets in the Indian securities markets. Recently, it raised 75 million Australian dollars from nearly 3,000 investors in Australia. The bank, which has already raised 4-5 offshore investment funds, is now in the process of launching the Islamic Law-compliant fund in Dubai. |
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