Monday 13 November 2023
Source: FT, “Its better to be stupid now than sorry later”
Here are the main points:
1. Uday Kotak started the business offering bill discounting, its now India’s 3rd largest private lender.
2. His 26% stake of Kotak Mahindra is worth more than $13bn
3. Share price has underperformed after he quit in Sept, with concerns on firm’s dependence on him.
4. 2014 merger with ING Vysya Bank gave them scale.
5. After 2016 government initiative to withdraw currency, Kotak launched “811” the digital banking service.
The Equity Analyst 