Kotak Mahindra Bank Ltd (KMFL), to be operational by 2002-end,
proposes to have a wealth management programme, or investment
advisory services, for high net-worth individuals as a
core area of focus, besides the normal banking operations.
executive director C Jayaram says the new products are
awaiting regulatory approval. The bank, which
is on a recruitment drive, will be appointing around 20
relationship managers, Jayaram says.
are also personnel movements within the various subsidiaries,
like Kotak Mahindra Capital Company (KMCC) head (investment
banking) Shanti Ekambaram, who is to take up the post
of head (corporate banking), KMFL. Former head of India
Product, UBS Warburg, Ajay Sondhi has taken over Ekambarams
place in KMCC.
the bank is set up, the wealth management programme will
come under the bank and Kotak Securities, with specific
products handled both by Kotak Securities and Kotak Mahindra
Asset Management Company (KMAMC).
will help us share the databases, increase cross-selling
possibilities and give us transactional capabilities through
the deposits of our banking customers, says Jayaram.
Currently, the programme is handled by Kotak Securities
and KMAMC. To begin with, the bank will have branches
in Mumbai and New Delhi.