February 8, 2025
Uday Kotak wrote a heartfelt resignation letter to Kotak Mahindra Bank. full Text

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Uday Kotak informed on Saturday that he has resigned from the post of Chief Executive Officer and Managing Director of Kotak Mahindra Bank with effect from 1 September.

Uday Kotak took to microblogging site ‘X’ (formerly Twitter) to pen a heartfelt note about his journey with Kotak Mahindra Bank. Uday Kotak begins his letter by saying, “This organization with 3 employees has been in existence for 38 years. Headquartered in Fort, Mumbai, it is now a leading bank and financial conglomerate with presence across India and 5 other countries, with over 100,000 employees.

Uday Kotak also attached a note to his letter in his post on X. Joint MD, Chairman and Uday Kotak himself will have to step down by December, he added. However, Uday Kotak tendered his resignation three months ahead of schedule.

“The bank is awaiting RBI approval for the proposed successor. In the interim my dear colleague Deepak Gupta – currently Joint MD, will act as MD & CEO subject to approval,” Kotak mentioned in his post.

View the handwritten letter by Uday Kotak here

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First page of Uday Kotak’s resignation letter

,1 September 2023.

Mr. Prakash Apte,

chairman,

Board of directors,

Kotak Mahindra Bank Limited,

Mumbai

Dear Sir,

Established 38 years ago with 3 employees at Fort, Mumbai, the institution is now a leading bank and financial conglomerate with presence across India and 5 other countries with over 100,000 employees. I have cherished being a part of this entire journey. Now is the time to move on.

However, he is still a few months away from resigning from the post of Managing Director and CEO of the bank with immediate effect.

I have considered this decision for some time and I believe it is the right thing for the institution.

Terms of you as Chairman, me as Managing Director and Mr. Deepak GuptaJoint Managing Director, Expired.

With a view to streamlining this process from the point of view of change and sustainability, I have decided to take this action after the completion of the AGM for the financial year and FY 2023. The bank has taken necessary steps on succession and we are waiting for the decision of RBI. The senior management team of the Bank with years of experience is well poised to take this legacy forward.

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Second page of Uday Kotak’s resignation letter to Kotak Mahindra Bank

Over the next few months, I’m going to be busy with some personal and family commitments. The wedding ceremony of my elder son is being planned.

Consequently, given the proximity of these events to the end of my term, I thought it appropriate to hand over command and accelerate the transition.

In the recent past, we have taken several measures to strengthen our organization and make it future ready. These include steps taken to ensure its financial stability and strengthen the risk matrix. We have added talent in the areas of technology, customer experience, marketing and risk analysis. This makes our dues stronger. Leadership Team.

I stand in the solitary place of being the founder, promoter and significant shareholder of this great institution. It also bears our family name and bears it as its brand. The institution we have built together stands for purpose, trust and integrity. As a stakeholder, I am committed to sustain and grow this institution.

In these changing times, I imagine a India Will lead the world in the years to come. I am confident that this predominantly Indian-owned organization will play an important role in India’s destiny. As the new leaders take office, I look forward to my new role as a non-executive director, a role entrusted to me by the Board and majority of the Bank’s shareholders.

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Third and last page of Uday Kotak’s resignation letter to Kotak Mahindra Bank

I am grateful for the support, guidance and dedication of my employees, colleagues, stakeholders, regulators, directors and my friends, family and all others who have helped me live my dream.

I would request you to take necessary steps in view of my decision.

Best wishes,

Regards,

rise

(Uday Kotak),

Timeline of Events at Kotak Mahindra Group

It was the bill discounting deal with Nelco that started the financial services journey of Kotak Mahindra Group founder Uday Kotak. Established in 1985, Kotak Mahindra Group started the bill discounting business under Kotak Mahindra Finance. According to public disclosures, Kotak Mahindra Finance received a banking license from the Reserve Bank of India (RBI) in February 2003 and became India’s first non-banking finance company (NBFC) to convert into a bank: Kotak Mahindra Bank Limited.

1985 – Kotak Mahindra Finance started bill discounting business

1987 – Entered into lease and hire purchase business

1990 – Launched Auto Finance Division for Passenger Cars

1991 – Investment banking was established

1995 – KMCC, a joint venture with Goldman Sachs Group for investment banking, was launched

1996 – Launch of Kotak Mahindra Primus Limited. Kotak Mahindra took a significant stake in Ford Credit. Kotak Mahindra Ltd to finance Ford vehicles

1998 – India’s first Gilt Fund was launched through Kotak Mahindra Asset Management Company

2001 – Kotak Mahindra Old Mutual Life Insurance was launched in partnership with Old Mutual Plc.

2003 – Kotak Mahindra Finance Commercial Bank converted into Kotak Mahindra Bank

2004 – Kotak Mahindra Group enters alternative asset business, launches private equity fund

2005 – Kotak Alternate Assets launched real estate fund

2006 – Goldman Sachs buys equity in KMCC and Kotak Securities

2008 – Kotak Mahindra Bank representative office opened in Dubai

2009 – Pension fund was launched under the National Pension System (NPS) of India.

2014 – Acquired 15% equity stake in Multi Commodity Exchange of India (MCX).

2015 – RBI approves merger of ING Vysya Bank with Kotak Mahindra Bank

2016 – Acquired 1 million equity shares of Institutional Investor Advisory Services India Limited

2017 – Kotak Mahindra Bank unveils 811 account; Acquired BSS Microfinance Private Limited

2018 – Kotak Mahindra Old Mutual Life Insurance buys 26% Old Mutual plc UK stake

2019 – Kotak Mahindra Bank opens first international branch in Dubai

2020 – Kotak Mahindra Bank raises ₹7,400 crore through qualified institutional placement of shares

2021 – Kotak Mahindra Group acquires the vehicle financing portfolio of Volkswagen Finance

2022 – The bank acquires the agriculture and healthcare equipment financing portfolio of DLL India

2023 – Kotak Mahindra Bank announced the acquisition of microfinance company Sonata Finance

(Source: Kotak Mahindra Bank website)

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UPDATE: 02 Sep 2023, 06:00 PM IST

Source: www.livemint.com

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