 "Uday Kotak, Managing Director of Kotak Mahindra Bank poses for a picture at the company's corporate office in Mumbai")
"As it is the need of the hour, we have decided to open our first international branch. GIFT city is the best option we have to launch as it will help us to built $1 billion balance sheet in next two to three years," said KVS Manian, president - corporate, institutional and investment banking at KMB.
Currently the bank has one representative office in Dubai.
According to KMB, Indian companies now expanded across the globe which increased the need of financial services and products.
Manian said, "Indian corporates have expanded business operations across geographies, which in turn has led to increased requirement for financial products and services in overseas markets. Our international branch in GIFT will cater to this growing demand."
The bank initially will offer a host of products and services including external commercial borrowings (ECB) and will gradually increase the other services to their clients from GIFT city. Indian corporates registered abroad including wholly owned subsidiaries (WOS) and joint ventures (JV) can also avail of term loans and working capital loans from KMB. It will also accept deposits from overseas corporate bodies.
KMB believes that banker have to follow our customers' requirements. If we do not do this, clients will move to other banks.
Rajeev Mohan, senior executive vice president, balance sheet management unit, treasury at KMB said, "Until now, banks who aspired service clients for their foreign capital requirement had to set up branches abroad. Setting up branch in GIFT city will help banks to meet these requirements by undertaking offshore banking operations from India."
