Press Release
Kotak Mahindra Bank Forges Business Cooperation Arrangement with CIMB Group
Mumbai, August 2, 2011: Kotak Mahindra Bank Ltd (“Kotak”) today announced in Mumbai
that it has entered into a Business Cooperation arrangement with CIMB Group Sdn Bhd,
Malaysia (“CIMB”).
As per a Framework Agreement, which Kotak and CIMB entered into today, the two financial
institutions will cooperate and explore opportunities arising from cross border business,
investment and trade flows, with a focus on select countries in the India-ASEAN corridor. The
cooperation would cover various businesses of mutual interest including M&A advisory, Trade
finance and other corporate solutions, and NRI Banking & Remittances, subject to relevant
regulations.
Commenting on the development, Mr. Uday Kotak, Executive Vice Chairman & Managing
Director of Kotak Mahindra Bank said -- “We are delighted at this cooperation with a reputed
and large regional financial institution of the stature of CIMB. We see this as a significant
opportunity for two financial institutions to leverage their strengths to serve respective
customers better in the Indo-ASEAN corridor across a range of financial services”.
CIMB Group is Malaysia’s second largest financial services provider and one of ASEAN’s
leading universal banking groups. It offers consumer banking, investment banking, Islamic
banking, asset management and insurance products and services. Headquartered in Kuala
Lumpur, the Group is present in 8 out of 10 ASEAN nations (Malaysia, Indonesia, Thailand,
Singapore, Cambodia, Brunei, Vietnam, and Myanmar). Beyond ASEAN, the Group has
market presence in China, Hong Kong, Bahrain, India, the US and UK.
With the largest branch network in ASEAN of 1,105 branches as at 30 June 2011, the bank is
helmed by people from the region. It reaches at least 81% of the ASEAN population,
representing 89% of the region's GDP. It has a market capitalisation of approximately US$22
billion as at 30 June 2011. The Group has over 39,000 employees located in 13 countries.
As Indian companies explore cross-border opportunities and partnerships, the ASEAN region
has been growing in importance. The cooperation between Kotak and CIMB will serve clients
of the two financial institutions better in the Indo-ASEAN corridor, specifically Malaysia and
Indonesia which are amongst the largest countries in ASEAN, and help clients capture the
immense potential that is yet to be tapped fully.
Mr. Uday Kotak, Executive Vice Chairman & Managing Director of Kotak Mahindra Bank and Dato’ Sri Nazir
Razak, Group Chief Executive, CIMB Group (R-L), exchange the Framework Agreement for Business
Cooperation that they signed today in Mumbai.
About Kotak Group
Established in 1985, the Kotak Mahindra Group is one of India's leading financial services
institutions. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the group's flagship
company, received the banking license from the Reserve Bank of India (RBI). With this, KMFL
became the first non-banking finance company in India to become a bank - Kotak Mahindra
Bank Ltd.
The Kotak Mahindra Group has a consolidated net worth of approximately US$ 2.5 billion as
on June 30, 2011. The Group offers a wide range of financial services that encompass every
sphere of life. From commercial banking, to stock broking, mutual funds, life insurance and
investment banking, the Group caters to the diverse financial needs of individuals and the
corporate sector. The Group has a wide distribution network through branches and
franchisees across India, and international offices in London, New York, California, Dubai,
Abu Dhabi, Bahrain, Mauritius and Singapore. For more information, please visit the
company’s website at http://www.kotak.com.
For further information, please contact:
Rohit Rao
Kotak Mahindra Bank
Mobile: +91 91679-30026
Tel: +91 22 67206908
Email : [email protected]
Ramya Rajagopalan
Genesis Burson-Marsteller
Mobile: +91 98202-11064
Telephone: + 91 22 4417 4501
Email: [email protected]