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Kotak Mahindra Bank to Expand its Footprint in the Retail Sector by Acquiring IndusInd Bank

admin by admin
October 26, 2020
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Kotak Mahindra Bank to Expand its Footprint in the Retail Sector by Acquiring IndusInd Bank
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Kotak Mahindra Bank to Expand its Footprint in the Retail Sector by Acquiring IndusInd Bank

By: Ashwathy Nair

  • The promoters of Kotak and IndusInd Bank are currently planning to seal the deal of acquisition.
  • With this deal, Kotak Mahindra’s position will be strengthened as one of India’s leading private banks.
  • IndusInd shares have dropped 64% as investors fretted over the founders borrowing money.

Kotak Mahindra Bank, which is backed by Asia’s richest banker, is said to be in discussions recently in order to acquire its smaller Indian rival IndusInd Bank Ltd. It is said that this takeover will help Kotak to expand its footprint in the retail sector of the Indian banking sector.

Kotak’s founder and chief executive, Uday Kotak is said to have held initial talks with the promoters of IndusInd, in which after a deal, the Hinduja family could sell a stake in the merged entity.

In order to enhance its assets by around 83 per cent, Kotak being the country’s third-largest private lender by market capitalization is looking forward to acquiring its smaller counterpart. Meanwhile, the deal could save IndusInd Bank, as this year, its market value has dropped 60 per cent. Although, the promoters of both the banks are recently planning to seal the deal and nothing has been finalized as it is at an early stage and could still not materialize.

The spokesperson of Kotak Mahindra declined to comment. The external spokesperson of bank said in an email that IndusInd “completely denies the said rumour and considers it malicious, untrue and baseless.” “The promoter would continue to support initiatives of IndusInd Bank to grow inorganically should any such opportunities arise on the horizon in the future,” adding the founders “now and always, reiterate their full support to IndusInd Bank”.

The retail lending book of IndusInd has broadened its horizons and is growing faster than that of Kotak Mahindra Bank. There are around 2,000 branches of IndusInd Bank in the country, whereas there are about 1,600 branches and 2,500 ATM’s of Kotak Mahindra Bank.

The founders of IndusInd Bank, Hinduja family is at present undertaking a hearing in London in order to resolve some family dispute. The discussions for selling the lender came forward after the dispute.

 

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