media coverage · kotak bank opens international unit in gujarat's gift city by pti | 3 may,...
TRANSCRIPT
MEDIA COVERAGE
“Kotak Bank launches
international banking unit in
GIFT City”
May 3, 2016
Coverage
PUBLICATION NAME : The Economic Times
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 03
PUBLICATION NAME : The Hindu Business Line
EDITION : All Editions
DATE : 04-05-2016
PAGE : 10
PUBLICATION NAME : The Economic Times
EDITION : Vadodara
DATE : 04-05-2016
PAGE : 03
PUBLICATION NAME : The Economic Times
EDITION : Lucknow
DATE : 04-05-2016
PAGE : 01
PUBLICATION NAME : The Financial Express
EDITION : All Editions
DATE : 04-05-2016
PAGE : 10
PUBLICATION NAME : The Times of India
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 15
PUBLICATION NAME : The Times of India
EDITION : Vadodara
DATE : 04-05-2016
PAGE : 15
PUBLICATION NAME : DNA
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 03
PUBLICATION NAME : The Economic Times (Gujarati)
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 02
PUBLICATION NAME : The Economic Times (Gujarati)
EDITION : Vadodara
DATE : 04-05-2016
PAGE : 02
PUBLICATION NAME : Rajasthan Patrika
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 04
PUBLICATION NAME : Nav Gujarat Samay
EDITION : Ahmedabad
DATE : 26-04-2016
PAGE : 10
PUBLICATION NAME : Divya Gujarati
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 03
PUBLICATION NAME : Youngleader
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 12
PUBLICATION NAME : Standard Herald
EDITION : Ahmedabad
DATE : 04-04-2016
PAGE : 11
PUBLICATION NAME : Prabhat
EDITION : Ahmedabad
DATE : 04-04-2016
PAGE : 03
PUBLICATION NAME : Marward Mitra
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 04
PUBLICATION NAME : Mahanagar Metro
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 04
PUBLICATION NAME : Lok Mitra
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 04
PUBLICATION NAME : Karnavati Express
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 03
PUBLICATION NAME : Jan Hitaishi
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 04
PUBLICATION NAME : Herald Youngleader
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 11
PUBLICATION NAME : Gujarat Shatabdi
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 03
PUBLICATION NAME : Alpviram
EDITION : Ahmedabad
DATE : 04-05-2016
PAGE : 03
Online
Coverage
Online Coverage
of
“Kotak Bank launches
international banking unit in GIFT
City”
The Economic Times
http://economictimes.indiatimes.com/industry/banking/finance/banking/kotak-bank-opens-international-unit-in-gujarats-gift-city/articleshow/52095288.cms
Kotak Bank opens international unit in Gujarat's GIFT City By PTI | 3 May, 2016, 09.26PM IST
AHMEDABAD: Kotak Mahindra BankBSE 0.56 % (KMB) today announced opening of its IFSC Banking Unit
(IBU) at the Gujarat International Finance Tec-City (GIFT City) to meet the requirements of offshore banking
operations from India.
KMB has joined a clutch of peers who have opened IBUs at the International Financial Services Centre (IFSC)
of GIFT City.
"This is our first international branch at GIFT City. We have set aside USD 20 million to start our
international banking unit from GIFT City," said K V S Manian, Kotak Bank President (Corporate, Institutional
and investment Banking).
"In absence of an international branch, we were not able to cater to our customers overseas, but our GIFT
City branch will . change things for us," Manian said.
Gandhinagar-based GIFT City, India's first and only IFSC, has been developed and designed to meet the
growing demand of Indian corporates for financial funding and services in overseas markets. has become
increasingly attractive because of liquidity. As per RBI data, India Inc raised over USD 1.52 billion from
overseas markets in March 2016," a statement by the bank said.
"What this branch will do is it will allow us to make over balance sheet in dollars. We can borrow in dollars
and we can lend in dollars. Important thing is we will be regulated by one regulator only as our
international branch will operate from India," Manian said.
Through the IBU, the fourth largest private lender will be able to offer foreign currency loans and deposits
to corporates. It will also offer external commercial borrowings, buyers' credit for imports and
factoring/forfaiting of export receivable for Indian corporates in international markets
He said KMB is looking at building a balance sheet of about half a billion dollars in a year through the IBU.
"The major tax incentives announced in the last Union Budget have made the IFSC at GIFT a globally
competitive player and many BFSI players are swarming to this new global financial hub," GIFT Company
Managing Director and Chief Executive Ajay Pandey said.
Live mint
http://money.livemint.com/news/company/news/kotak-mahindra-bank-launches-international-
banking-unit-in-gift-city-451067.aspx
May 04 2016, 10:10 AM IST Mumbai
Kotak Mahindra Bank launches International Banking Unit in GIFT City
Accord Fintech –
Kotak Mahindra Bank (KMB) has launched its International Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City), District Gandhinagar. The merger of ING Vysya Bank with KMB on April 1, 2015, significantly increased KMB’s network and assets in India, thereby cementing its position as India’s fourth largest private sector bank. Continuing with this growth trajectory, the launch of the IBU enhances KMB’s abilities to now offer foreign currency loans and deposits to corporates. Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
Business-Standard http://www.business-standard.com/article/finance/kotak-mahindra-bank-aims-to-draw-1-bn-balance-sheet-from-its-international-branch-116050300870_1.html
Kotak Mahindra Bank aims to draw $1 bn balance sheet from its international branch The bank opens its first global banking unit in GIFT at Gujarat
Kotak Mahindra Bank (KMB) has launched its first international banking unit at Gujarat
International FinanceTec-City (GIFT city) to provide financial funding and services to Indian corporate in
overseas markets. The bank aims to draw $1 billion balance sheet in next two to three years.
"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."
The Hindu Business line http://www.thehindubusinessline.com/money-and-banking/kotak-mahindra-bank-opens-ifsc-banking-unit-at-gift-city/article8551785.ece
Kotak Mahindra Bank opens IFSC banking unit at GIFT City
AHMEDABAD, MAY 3: Kotak Mahindra Bank Ltd, on Tuesday, became the fourth bank to open its IFSC Banking Unit (IBU) at India’s first and only International Financial Services Centre (IFSC) at Gujarat International Finance Tec-City (GIFT) City.
The private sector banking and financial major offers a range of financial services, including transaction banking. It also operates lending verticals, manages IPOs, and provides working capital loans. At IBU, the bank expects a balance sheet of $one billion in the next three years.
With over $250 million worth of business transactions done at IFSC in the past six months, GIFT is attracting interest from the BFSI sector in India, especially from banks, insurance companies and other financial services players who want to tap the global markets.
IBU allows an Indian bank to deliver a complete range of products to its clients with foreign currency funding requirements. It can offer products such as external commercial borrowings (ECBs) to its customers, an area where it had limited capabilities hitherto.
IBU will also be able to meet the funding requirements of overseas entities which may be joint ventures or subsidiaries of its domestic clients or part of the value chain of its existing customers, said Ajay Pandey, Managing Director and Group CEO of GIFT Company Ltd.
GIFT is seen as a major game changer for the financial services sector in India. Major tax incentives announced in the last Union Budget have made the IFSC at GIFT a globally competitive player and more BFSI players are swarming to this new global financial hub, he added.
KVS Manian, President, Corporate, Institutional and Investment Banking, Kotak Mahindra Bank, said that 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 IBU in GIFT City will cater to this growing demand. It will offer ECBs, buyers’ credit for imports, and factoring of export receivables for Indian corporates in international markets.''
The Financial Express http://www.financialexpress.com/article/industry/banking-finance/kotak-bank-opens-international-unit-in-gujarats-gift-city/247881/
Kotak Bank opens international unit in Gujarat’s GIFT City
Kotak Mahindra Bank (KMB) today announced opening of its IFSC Banking Unit (IBU) at the Gujarat
International Finance Tec-City (GIFT City) to meet the requirements of offshore banking operations from
India. By: PTI | Ahmedabad | Published: May 3, 2016 10:22 PM
Kotak Mahindra Bank (KMB) today announced opening of its IFSC Banking Unit (IBU) at the Gujarat
International Finance Tec-City (GIFT City) to meet the requirements of offshore banking operations from
India.
KMB has joined a clutch of peers who have opened IBUs at the International Financial Services Centre (IFSC)
of GIFT City.
“This is our first international branch at GIFT City. We have set aside USD 20 million to start our
international banking unit from GIFT City,” said K V S Manian, Kotak Bank President (Corporate, Institutional
and investment Banking).
“In absence of an international branch, we were not able to cater to our customers overseas, but our GIFT
City branch will change things for us,” Manian said.
Gandhinagar-based GIFT City, India’s first and only IFSC, has been developed and designed to meet the
growing demand of Indian corporates for financial funding and services in overseas markets.
“Until now, banks which aspired to service clients for their foreign capital requirements had to set up
branches abroad. Setting up a branch in GIFT-City helps banks to meet these requirements by undertaking
offshore banking operations from India,” Manian said.
“Indian corporates are increasingly looking at financing to fund their global and domestic expansion plans.
In the last few years, raising funds from overseas markets has become increasingly attractive because of
liquidity. As per RBI data, India Inc raised over USD 1.52 billion from overseas markets in March 2016,” a
statement by the bank said.
“What this branch will do is it will allow us to make over balance sheet in dollars. We can borrow in dollars
and we can lend in dollars. Important thing is we will be regulated by one regulator only as our
international branch will operate from India,” Manian said.
Through the IBU, the fourth largest private lender will be able to offer foreign currency loans and deposits
to corporates. It will also offer external commercial borrowings, buyers’ credit for imports and
factoring/forfaiting of export receivable for Indian corporates in international markets.
He said KMB is looking at building a balance sheet of about half a billion dollars in a year through the IBU.
“The major tax incentives announced in the last Union Budget have made the IFSC at GIFT a globally
competitive player and many BFSI players are swarming to this new global financial hub,” GIFT Company
Managing Director and Chief Executive Ajay Pandey said.
The Financial Express http://www.financialexpress.com/article/industry/companies/kotak-opens-international-banking-unit-in-gift-city/247911/ By: FE Bureau | Ahmedabad | Updated: May 4, 2016 9:11 AM
Kotak opens international banking unit in GIFT City
In past 6 months, more than $250 m worth of business transactions were conducted at GIFT, which is
attracting interest from the BFSI sector in India
Kotak Mahindra Bank has become the fourth bank to open its IFSC banking unit (IBU) at the Gujarat
International Finance Tec-City (GIFT).
IBUs of YES Bank, Federal Bank and ICICI Bank have been operational at the GIFT for several months now.
In the past six months, more than $250 million worth of business transactions were conducted at GIFT,
which is attracting a lot of interest from the BFSI sector in India. An IBU allows an Indian bank to deliver a
complete range of products to its clients with foreign currency funding requirements.
Welcoming the opening of Kotak Mahindra Bank’s IBU at GIFT IFSC, Ajay Pandey, MD & group CEO of GIFT
Company Ltd, said, “We are happy to have Kotak
Mahindra Bank at GIFT IFSC. It’s an important addition for us to have one of India’s leading private sector
bank set up base at India’s first IFSC…”
KVS Manian, president – corporate, institutional and investment banking, Kotak Mahindra Bank, 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 IBU in GIFT City will
cater to this growing demand. We will offer a host of products and services including External Commercial
Borrowings (ECB), buyers’ credit for imports, and factoring / forfaiting of export receivables for Indian
corporates in international markets.”
MoneyControl
http://www.moneycontrol.com/news/business/kotak-bank-opens-international-unitgujarats-gift-
city_6518181.html
May 04, 2016, 11.00 AM | Source: PTI
Kotak Bank opens international unit in Gujarat's GIFT City "This is our
first international branch at GIFT City.
We have set aside USD 20 million to start our international banking unit from GIFT City," said K V S
Manian, Kotak Bank President (Corporate, Institutional and investment Banking).
Kotak Mahindra Bank (KMB) announced opening of its IFSC Banking Unit (IBU) at the Gujarat
International Finance Tec-City (GIFT City) to meet the requirements of offshore banking operations
from India. KMB has joined a clutch of peers who have opened IBUs at the International Financial
Services Centre (IFSC) of GIFT City. "This is our first international branch at GIFT City. We have set
aside USD 20 million to start our international banking unit from GIFT City," said K V S Manian,
Kotak Bank President (Corporate, Institutional and investment Banking). "In absence of an
international branch, we were not able to cater to our customers overseas, but our GIFT City
branch will change things for us," Manian said. Gandhinagar-based GIFT City, India's first and only
IFSC, has been developed and designed to meet the growing demand of Indian corporates for
financial funding and services in overseas markets. "Until now, banks which aspired to service
clients for their foreign capital requirements had to set up branches abroad. Setting up a branch in
GIFT-City helps banks to meet these requirements by undertaking offshore banking operations
from India," Manian said. "Indian corporates are increasingly looking at financing to fund their
global and domestic expansion plans. In the last few years, raising funds from overseas markets
has become increasingly attractive because of liquidity. As per RBI data, India Inc raised over USD
1.52 billion from overseas markets in March 2016," a statement by the bank said. "What this
branch will do is it will allow us to make over balance sheet in dollars. We can borrow in dollars
and we can lend in dollars. Important thing is we will be regulated by one regulator only as our
international branch will operate from India," Manian said. Through the IBU, the fourth largest
private lender will be able to offer foreign currency loans and deposits to corporates. It will also
offer external commercial borrowings, buyers' credit for imports and factoring/forfaiting of export
receivable for Indian corporates in international markets. He said KMB is looking at building a
balance sheet of about half a billion dollars in a year through the IBU. "The major tax incentives
announced in the last Union Budget have made the IFSC at GIFT a globally competitive player and
many BFSI players are swarming to this new global financial hub," GIFT Company Managing
Director and Chief Executive Ajay Pandey said. Kotak Mahindra stock price On May 04, 2016, at
12:41 hrs Kotak Mahindra Bank was quoting at Rs 714.70, up Rs 6.30, or 0.89 percent. The 52-
week high of the share was Rs 744.45 and the 52-week low was Rs 586.50. The company's trailing
12-month (TTM) EPS was at Rs 10.47 per share as per the quarter ended December 2015. The
stock's price-to-earnings (P/E) ratio was 68.26. The latest book value of the company is Rs 77.49
per share. At current value, the price-to-book value of the company is 9.22.
India Infoline http://www.indiainfoline.com/article/news-top-story/kotak-bank-launches-international-banking-unit-in-gift-city-116050300537_1.html
India Infoline News Service | Mumbai | May 03, 2016 15:22 IST
Continuing with this growth trajectory, the launch of the IBU enhances KMB’s abilities to now offer foreign currency loans and deposits to corporates.
Kotak Mahindra Bank (KMB) becomes the fourth bank to open its International Banking Unit (IBU) at
International Finance Tec-City (GIFT) in Gandhinagar, Gujarat. The merger of ING Vysya Bank with KMB on
April 1, 2015, significantly increased KMB’s network and assets in India, thereby cementing its position as
India’s fourth largest private sector bank.
Continuing with this growth trajectory, the launch of the IBU enhances KMB’s abilities to now off foreign
currency loans and deposits to corporates.
KVS Manian, President – Corporate, Institutional and Investment Banking, Kotak Mahindra Bank, 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 IBU in GIFT City will
cater to this growing demand. We will offer a host of products and services including External Commercial
Borrowings (ECB), buyers’ credit for imports, and factoring / forfaiting of export receivables for Indian
corporates in international markets.”
“We are happy to have Kotak Mahindra Bank at GIFT IFSC. It’s an important addition for us to have one of
India’s leading private sector bank set up base at India’s first IFSC,” Ajay Pandey, MD & Group CEO of GIFT
Company Ltd said.
NetIndian http://netindian.in/news/2016/05/04/00037851/kotak-bank-opens-ifsc-banking-unit-international-financial-services-centre-
Kotak Bank opens IFSC Banking Unit at International Financial Services Centre at GIFT NetIndian News Network
Ahmedabad, May 4, 2016
Kotak Mahindra Bank Limited has become the fourth bank to open its IFSC Banking Unit (IBU) at India’s first and only International Financial Services Centre(IFSC) at Gujarat International Finance Tec-City (GIFT) in Gandhinagar. With over $ 250 million worth of business transactions done at the IFSC in the past six months, GIFT is attracting a lot of interest from the Banking, Financial services and Insurance (BFSI) sector in India, especially from banks, insurance companies and other financial services players who want to tap the global markets, a press release from GIFT said. IFSC Banking Unit (IBU) allows an Indian bank to deliver a complete range of products to its clients with foreign currency funding requirements. IBU can actively offer products such as external commercial borrowings to its customers, an area where it had limited capabilities hitherto. IBU will also be able to meet the funding requirements of overseas entities which may be joint ventures or subsidiaries of its domestic clients or part of the value chain of its existing customers Mr. Ajay Pandey, MD & Group CEO of GIFT Company Ltd. said, “We are happy to have Kotak Mahindra Bank at GIFT IFSC. It’s an important addition for us to have one of India’s leading private sector bank set up base at India’s first IFSC. Setting up of IFSC in India has been the vision of the Hon’ble Prime Minister of India, as this would be a major game changer for the financial services sector in India. The major tax incentives announced in the last Union Budget have made the IFSC at GIFT a globally competitive player and many more BFSI players are swarming to this new global financial hub.” Kotak Mahindra Bank is one of India's leading banking and financial services group, offering a wide range of financial services that encompass every sphere of life. It offers transaction banking, operates lending verticals, manages IPOs and provides working capital loans. Mr.K. V. S. Manian, President – Corporate, Institutional and Investment Banking, Kotak Mahindra Bank, 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 IBU in GIFT City will cater to this growing demand. We will offer a host of products and services including External Commercial Borrowings (ECB), buyers’ credit for imports, and factoring / forfaiting of export receivables for Indiancorporates in international markets.”
The release said development of completed unique infrastructure, project single window clearance and conducive regulatory environment has made GIFT City a favoured destination for various players to be a part of the city’s development. GIFT City has made allotment of more than 15 million square feet of built up area (BUA) in the SEZ and Non-SEZ area for development of office towers, residential apartments and social facilities to be developed at an estimated total investment of over Rs 10,000 crore. It is estimated that GIFT would provide 5 lakh direct and an equal number of indirect jobs which would require 62 million square feet of commercial, residential and social facilities with total investment of about Rs. 78,000 crore over next 10 years.
Webindia123
http://news.webindia123.com/news/Articles/India/20160503/2851019.html
Kotak Mahindra Bank launches International Banking Unit in GIFT City
New Delhi | Tuesday, May 3 2016 IST
Kotak Mahindra Bank (KMB) today launched its International Banking Unit (IBU) in the Gujarat
International Finance Tec-City (GIFT City) of Gandhinagar district. The merger of ING Vysya Bank,
private sector lender with KMB on April 1, 2015, significantly increased the bank's network and
assets in India, thereby cementing its position as India's fourth largest private sector bank.
Continuing with this growth trajectory, the launch of the IBU enhances KMB's abilities to now offer
foreign currency loans and deposits to corporates, said the company."Indian corporates have
expanded business operations across geographies, which in turn has led to increased requirement
for financial products and services in overseas markets,'' said KVS Manian, President - Corporate,
Institutional and Investment Banking, Kotak Mahindra Bank in a statement.''Our IBU in GIFT City
will cater to this growing demand. We will offer a host of products and services including External
Commercial Borrowings (ECB), buyers' credit for imports, and factoring/forfaiting of
exportreceivables for Indian corporates in international markets, he added.Indian corporates,
including Wholly Owned Subsidiaries (WOS) and Joint Ventures (JV), registered abroad can also
avail term loans and working capital loans from the Bank.The company will also accept deposits
from overseas corporate bodies.UNI RN SB/AE 1601
United News Of India
http://uniindia.com/kotak-mahindra-bank-launches-international-banking-unit-in-gift-
city/business-economy/news/468537.html
Kotak Mahindra Bank launches International Banking Unit in GIFT City
Posted at: May 3 2016 4:03PM
New Delhi, May 3 (UNI) Kotak Mahindra Bank (KMB) today launched its International Banking Unit
(IBU) in the Gujarat International Finance Tec-City (GIFT City) of Gandhinagar district.
The merger of ING Vysya Bank, private sector lender with KMB on April 1, 2015, significantly
increased the bank's network and assets in India, thereby cementing its position as India's fourth
largest private sector bank. Continuing with this growth trajectory, the launch of the IBU enhances
KMB's abilities to now offer foreign currency loans and deposits