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Kotak Mahindra Group looking across banking, broking spaces for acquisition: Uday Kotak

New Delhi: India's major financial institution Kotak Mahindra Group is exploring options to make acquisitions in the banking, asset management and broking spaces and expects to seal a deal this year, media reports said, citing a top official of the group.

"There is nothing that has crystallised as yet, but we are looking across various segments including banking, asset management and other areas of financial services such as broking as well," Uday Kotak, executive vice-chairman and managing director of the group's banking unit Kotak Mahindra Bank, told the Press Trust of India at the World Economic Forum in Davos.

The group, founded in 1985 as Kotak Mahindra Finance Ltd, is present in all major areas of the financial sector including banking, insurance, asset management, broking and equity research.

In 2012, media reports said that Kotak Mahindra Bank is interested in acquiring another private sector lender Karnataka Bank.

However, a spokesperson for Kotak Mahindra Group had denied the report.

Earlier this month, Kotak Mahindra Bank reported consolidated net profit jump of 25% to Rs 5.77 billion in fiscal third quarter (Oct-Dec) from Rs 4.63 billion in the same quarter a year ago led by higher income from interest and loan growth.

Copyright Contify.com

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