Uday Kotak, managing director and chief executive officer of Kotak Mahindra Bank, has said that he will continue to nurture the private sector lender apart from remaining as a non-executive board member and a strategic shareholder after he steps down from his executive role later this year.
Kotak, who began his journey in India’s financial world in 1985, now helms a conglomerate that has a market cap of Rs 3.71 trillion and a consolidated asset base of Rs 6.2 lakh crore, made these comments in a letter to the bank’s shareholders.
“Going forward, I see my role as a non-executive board governance member and a strategic shareholder with a long-term perspective of nurturing a world-class institution.
“It is unusual in today’s world of banking anywhere to have an individual with ~26 per cent skin in the game with disproportionate family assets in one stock, emotionally attached to living his dream of making India proud’’, Kotak said in the annual report.
Kotak will step down as the MD & CEO in December this year. Kotak Bank has already received shareholder approval for his appointment as non-executive, non-independent director of the bank after retiring from the top post.
Kotak said in the letter that while he has spent most of his life at the lender, starting from scratch and with very little capital in 1985, 3 people and a 300 sq. foot office.
“We were at the right place at the right time. We are a quintessential product of the India growth story and the financial sector evolution,’’ he noted.
