Kotak Mahindra Bank seeks for local acquirement.

kotak Mahindra BankKotak Mahindra Bank is looking for acquirement opportunities within India on a top priority basis, its chief Uday Kotak has said.

Kotak said that “We are also seriously looking at opportunities for acquisitions within India and if (we) get something appropriate, it would be top of our priority and this is something we are currently focusing on.”

Enquired how long he wants Kotak to be known as a ‘young’ bank and by when it would be counted amongst big banks, he said that “We want to remain young forever.”

He said that “You can be young and big at the same time. We are 25 years old, but still young. We have over 20,000 employees, we are having a market cap of Rs 36,000 crore and (are a) part of the Nifty 50 index, so we are in many ways well positioned and we see the next two years as an opportunity to reach world scale, world quality and world size.”

He added that “At Kotak, our aspiration is to build a world-class bank from India, which every Indian should be proud of.”

Besides Kotak Mahindra Bank, Uday Kotak-led group has a presence in insurance, brokerage, asset management, auto finance, investment banking, equity research and a host of other financial services segments.

Kotak said that he is positive about 2012 giving India opportunity once again to build itself and take profit of this opportunity, which it appears to have missed in 2011.

Kotak Mahindra Bank has more than 329 branches and 782 ATMs across India. It posted revenue of about to Rs 11,000 crore and profit after tax of over Rs 1,500 crore in the last financial year.

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