Kotak Mahindra Financial Services Limited, a part of the Kotak Mahindra Group, one of India’s leading financial conglomerates, today, formally announced the launch of its DIFC operations, reaffirming the Group’s commitment to expanding its Middle East operations. Kotak Mahindra Financial Services has been incorporated in DIFC as a 100% subsidiary of Kotak Securities Limited, which has been consistently named the “Best Brokerage Firm” in India by Asiamoney since 2006.
The licence awarded by the Dubai Financial Services Authority (DFSA) enables Kotak Mahindra Financial Services to arrange credit or deals in investment; advise on financial products and credit; and arrange custody from its DIFC-based office.
Abdulla Mohammed Al Awar, CEO of the DIFC Authority said: “The establishment of Kotak Securities’ subsidiary in DIFC points to the growing investment and financial industry ties between India and the UAE. With both countries playing increasingly larger roles in the international economy, by virtue of their rapid growth and resilience to the global financial crisis, there are growing opportunities for partnerships between companies in the financial services sectors of their economies. The establishment of large financial institutions from India like Kotak Securities in DIFC will help to tap these exciting opportunities.”
Marwan Lutfi, Deputy CEO & Head of Business Development, DIFC Authority said: “DIFC provides a strategic platform for Kotak Mahindra Financial Services to build strong linkages with the Middle East where, as in the rest of the world, interest in Indian investment opportunities is rising. With its extensive expertise and experience in providing brokerage services, Kotak Securities will contribute to our efforts to further deepen and widen the financial services cluster in the DIFC financial district.
Somer Massey, CEO, Kotak Mahindra Financial Services said: “India has long been an attractive market, and we are delighted that investors based in the Middle East can now access information on various investment opportunities available in India through our office in DIFC. India has shown resilience and prudence during the recent global financial crisis and the economy is gaining strength in the light of recent budgetary announcements. A large diversified consumer base, a growing private sector enterprise, a stable government and a strong regulatory environment make India an ideal investment destination.”
He added, “After experiencing a slowdown in the fiscal year 2009 and the early part of the fiscal year 2010, the Indian economy has recovered smartly.Current estimates are that real GDP had grown at 7.2 per cent during the just completed fiscal year 2009-10, up from 6.7 per cent during 2008-09. The foreign institutional investment flow into Indian capital markets in 2009 was USD 17.5 billion, which clearly is a reflection of investor confidence. The Bombay Stock Exchange’s Sensex index ended 2009 with a return of approximately 87%.”
The Kotak Mahindra Group has a net worth of over USD 1.6 billion and has offices across the world in India, UAE, New York, San Francisco, London, Bahrain, Mauritius and Singapore servicing around 6.7 million customer accounts. Kotak Mahindra Bank is one of the fastest growing retail banks in India with 245 branches across all major cities. The Group manages assets worth over USD 11 billion*. The Indian Asset Management Company, one of the firms in the Group, services over 1.1 million investors and manages over USD 6.6 billion in assets. The Group has had a presence in the UAE since 1995.
Kotak Mahindra Bank Limited was recently honored with the “Best Private Banking Services” award in India by Euro-money 2009. It is ranked as one of the top five companies for “Corporate Governance Best Practices” in the Asia Pacific region, according to the IR Global Rankings 2009.
* Figures as of Dec 2009
© 2000 - 2022 Al Bawaba (www.albawaba.com)