Tuesday, February 22, 2011

Kotak Mahindra to raise branch network to 500

Kotak Mahindra Bank has planned major expansion plans for nest 12 months. The bank has set a target to raise the number of branches from 300 to 500 in nest 12 months.

The bank intends to target a wide range of customers apart from its high networth customers. The Vice Chairman and Managing Director of the bank Mr. Uday kotak said "It depends on how you define mass affluent. For us, we define mass affluent as anyone who has an annual household income of Rs 5 lakh compared to Rs 4.5 lakh when we started in 2003."

He also said that there are plans of collaborations with local banks in US and Europe in a bid to expand globally.

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