‘Started Kotak Mahindra 38 years ago with 3 employees’: Uday Kotak after stepping down as bank’s MD, CEO

Ace industrialist Uday Kotak on Saturday reminisced how he started Kotak Mahindra Bank 38 years ago with three employees in a 300 square-feet office in Mumbai. Kotak said that he has cherished every bit of this memorable journey and living his dream. The industrialist said that he dreamt of creating a world-class institution in India when he saw the likes of JPMorgan and Goldman Sachs dominate the financial landscape.

Uday Kotak’s post on X formerly Twitter came after he stepped down from his role as the Managing Director and CEO of Kotak Mahindra Bank. Kotak has played a significant role in overseeing the bank’s growth over the past 38 years and will continue to be associated with the bank as a Non-Executive Director.

“A long time ago, I saw names like JP Morgan and Goldman Sachs dominate the financial world and dreamed of creating such an institution in India. It is with this dream that I started Kotak Mahindra 38 years ago, with 3 employees in a 300 sqft office in Fort, Mumbai. I have deeply cherished every bit of this memorable journey, living my dream,” Kotak said in his post on X.

Explaining the changes in the board of directors at Kotak Mahindra Bank, Kotak also said that succession at Kotak Mahindra Bank has been at the top of his mind since the Chairman, he and the joint MD are all required to step down by year-end. He also mentioned that he is keen to ensure a smooth transition by sequencing these departures.

Kotak further mentioned that his colleague Dipak Gupta will function as the MD and CEO, subject to required approvals. Dipak Gupta will take on the duties as Kotak Mahindra Bank’s MD and CEO as an interim arrangement set to continue till December 31, 2023, subject to the Reserve Bank of India’s (RBI) approval.

He added that Kotak Mahindra Bank is now a pre-eminent bank and financial institution created on the fundamentals of trust and transparency. Kotak noted that bank has created value for its stakeholders and provided around 1 lakh direct jobs.

“An investment of Rs 10,000 with us in 1985 would be worth around Rs 300 crore today. I am confident that this Indian-owned institution will continue to play an even more important role in India’s transformation into a social and economic transformation,” the ace industrialist wrote towards the end of his post.

Kotak Mahindra Bank Q1 FY24 results 

In Q1FY24, Kotak Mahindra Bank reported a 67 per cent rise in its standalone profit at Rs 3,542 crore in comparison to Rs 2,071.15 crore in the first quarter of the previous fiscal. The bank's gross NPA was at Rs 6,587.43 crore in Q1FY24 compared to Rs 6,418.67 in Q4FY23.

Uday Kotak net worth 

Uday Kotak has a net worth of about $14.5 billion, most of which comes from his 26% stake in the bank, according to the Bloomberg Billionaires Index.

Also Read: Uday Kotak resigns as MD & CEO of Kotak Mahindra Bank, Dipak Gupta takes over as interim leader

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