Kotak Mahindra Bank plans acquisitions for major expansion

Kotak Mahindra Bank is eying major acquisition in the country in a bid to transform itself into a bank of global scale and quality over the next two years, its chairman Uday Kotak has said.

"We are seriously looking at opportunities for acquisitions within India and if (we) get something appropriate, it would be top of our priority and this is something we are currently focusing on," Kotak said without elaborating.

He was speaking on the sidelines of the World Economic Forum summit in Davos, Switzerland.

Set up in 1985, Mumbai-based Kotak Mahindra Bank currently is a big bank based on Indian standards.

With over 329 branches and 782 ATMs and over 20,000 employees across the country, it had a market capitalisation of 36,000 crore as of 31 March 2011.

Kotak Mahindra Bank, a part of the National Stock Exchange's Nifty 50 index, offers banking and financial services to individuals and corporate clients within the country.