2003–present: Kotak Mahindra Bank
In February 2003, Kotak Mahindra Finance received a banking licence from the Reserve Bank of India, becoming India's first non-banking finance company to be converted into a bank. Kotak Mahindra Finance was then renamed Kotak Mahindra Bank.[15] At the time, Uday Kotak had a 56% stake in the company while Anand Mahindra held a 5% stake.[16]
In 2005, Kotak Mahindra Bank acquired Ford Credit's 40% stake in Kotak Mahindra Primus, making it a wholly owned subsidiary of the group.[17] Kotak Mahindra Primus was subsequently renamed as Kotak Mahindra Prime.[18] In 2006, Kotak Mahindra Bank bought out Goldman Sachs' 25% stake in Kotak Mahindra Capital for inr 2100000000 and 25% in Kotak Securities for inr 1230000000, turning both companies into its wholly owned subsidiaries.[19]
In 2014, Kotak Mahindra Bank acquired a 15% stake in Multi Commodity Exchange (MCX) from Financial Technologies Group for inr 4590000000 to become the company's largest shareholder.[20]
In 2014, Kotak Mahindra Bank announced the acquisition of ING Vysya Bank in a deal valued at inr 150000000000. With the merger completed in 2015, Kotak Mahindra Bank had almost 40,000 employees, and the number of branches reached 1,261.[21] After the merger, ING Group, which controlled ING Vysya Bank, obtained a 6.5% stake in Kotak Mahindra Bank.[22]
In 2015, Kotak Mahindra General Insurance, a wholly owned subsidiary of Kotak Mahindra Bank, started operations after receiving IRDAI's approval.[23] In 2016, Bharti Airtel and Kotak Mahindra Bank started an 80:20 joint venture called Airtel Payments Bank.[24]
In 2016, Kotak Mahindra Bank acquired BSS Microfinance for inr 1392000000.[25]
In March 2017, Kotak Mahindra Bank launched an online savings account called Kotak 811,[26] named after the date Prime Minister Narendra Modi had announced demonetisation in the previous year (8 November), which according to Uday Kotak was "the day that changed India."[27][28] Kotak 811 helped the bank double its number of customers by September 2018.[29]
In April 2017, Kotak Mahindra Bank acquired Old Mutual's 26% stake in Kotak Mahindra Old Mutual Life Insurance for inr 12920000000, making the life insurance company its wholly owned subsidiary.[30]
In 2021, Kotak Mahindra Bank sold its 8.57% stake in Airtel Payments Bank to Bharti Enterprises for inr 2950000000.[31] In the same year, Kotak Mahindra Group acquired the vehicle financing portfolio of Volkswagen Finance India[32] and passenger vehicle financing portfolio of Ford Credit India.[33] In 2022, it acquired the agriculture and healthcare equipment financing portfolio of DLL India.[34]
In 2023, Kotak Mahindra Bank acquired microfinancier Sonata Finance for inr 5370000000.[35]
In February 2024, Zurich Insurance Group announced its acquisition of a 70% stake in Kotak Mahindra General Insurance for inr 55600000000.[36]
