Kotak Mahindra (UK) Ltd., first Indian institution to set up operations at DIFCPress Release 20 Dec 2005 01:22 pm
Kotak Mahindra (UK) Limited (KMUK), has been licensed by the Dubai Financial Services Authority to conduct its operations from its branch in Dubai International Financial Centre. It is the first Indian institution to set up at DIFC. This announcement was made by Mr .Shyam Kumar, Director, KMUK in Dubai today.
Commenting on the initiative, Mr. Shyam Kumar said,
“Dubai International Financial Centre (DIFC) has created a global financial hub at Dubai. With its global infrastructure, DIFC is attracting most major international finance organisations to set up operations here. Kotak Mahindra has a strong commitment to be a part of this growing financial hub. We already have a presence in Dubai through Kotak Mahindra (International) Limited for over a decade now. The opening of the KMUK branch will further strengthen our presence here.“
Dr Omar Bin Sulaiman, Director General of DIFCA, welcoming Kotak Mahindra, commented:
“India and UAE have long established trade and bilateral ties. India is poised to become the third largest economy in the world and is one of our key areas of interest. It is our privilege to welcome our first Indian partner to the DIFC. We wish them all the success. Their presence in the DIFC reinforces our status as a platform for development and expansion into a region holding vast, unexplored potential.”
KMUK plans to offer its customers access, advisory and investment management services for the Indian capital markets. The targeted clientele includes institutions and high net worth individuals.
KMUK is a part of the Kotak Mahindra group, which is one of India's leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporate.
The group has a net worth of around USD 450 million and employs over 5,000 employees in its various businesses. With a presence in 88 cities in India and offices in New York, London, Dubai and Mauritius, it services a customer base of over 700,000.
Kotak Mahindra has international partnerships with Goldman Sachs (one of the world's largest investment banks and brokerage firms) for investment banking and broking and Old Mutual (a large insurance, banking and asset management conglomerate) for life insurance.