Kotak Mahindra Bank eyes acquisitions in India

Indian private sector lender Kotak Mahindra Bank is looking at acquisitions in the coming months in India, says a media report.

"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," Kotak Mahindra Bank Executive Vice-Chairman and Managing Director Uday Kotak said in an interview to the Dubai daily Emirates Business.

According to the publication, 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 its asset management business in Dubai.

Kotak further said,"We also hope to have a representative office in Abu Dhabi in the next two to three months. We are in a position to provide comprehensive services to our clients."