Uday Kotak is India’s wealthiest banker
Kotak holds a 26% stake in Kotak Mahindra Bank.
Uday Kotak is the 7th richest person in India and the 123rd richest in the world. Thus, making him India’s wealthiest banker. On June 21 2022, according to Bloomberg, the net worth of Uday Kotak is estimated to be around $13.4 billion or Rs 10,615 crores. Kotak is presently a Vice Chairman and Managing Director of Kotak Mahindra Bank.
He completed a post-graduation degree in Management Studies from Jamnalal Bajaj Institute of Management Studies. The majority of Kotak’s wealth comes from his 26% stake in Kotak Mahindra Bank. In the last few years, he has reduced his stake from 30% to 26% in the bank due to RBI guidelines.
Kotak Mahindra Bank provides a variety of banking and financial services like retail banking, Treasury and Corporate Banking, Investment Banking, Stock Broking, Advisory, Asset Management, Life & General Insurance, and Vehicle Financing.
Kotak Mahindra Bank is the fourth largest private sector bank in India. The banks have a network of 1,600+ branches across India and hold Rs 4.7 lakh crore under assets on its balance sheet as of March 31 2022. As of June 21 2022, the bank has a market capitalisation of Rs 3.37 lakh crore and the shares of the bank are trading at Rs 1696. The bank has been operating successfully with a 15% CAGR growth in its revenue for the past 10 years. More than 40% ownership of the bank is held by FII investors, whereas DII investors hold about 16% stake.
Kotak also owns a 95% stake in the daily financial newspaper called Business Standard. Kotak’s banking experience is extremely respected within the country. One can understand the credibility of Kotak by the story that the government had appointed him to be the chairman of IL&FS to help the company handle and control the financial distress during the company’s liquidity crisis which was the major concern for the Indian markets in 2018. He no longer serves as the chairman as IL&FS is in better shape now.
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