Mumbai: As part of
its retail expansion plans, Kotak Mahindra Bank intends to launch its credit card
business by March 2008.
to KVS Manian, group head of retail liabilities and branch banking for Kotak Mahindra
Bank, the bank plans to come out with silver, gold and platinum credit cards,
targeting target high net worth individuals. Kotak Mahindra Bank in reportedly
planning to go it alone in its credit card venture, rather than have tie ups with
other affiliates in the business.
Its retail expansion will also see
a growth of its branch network, from its present 134 branches across 92 locations.
By May 2008
the bank plans to have over 200 branches, according to Manian, besides 75 additional
ATMs by February 2008, which will see its ATM tally double to 150 from the existing
to V Swaminathan, head of corporate relationship management and retail liabilities
at Kotak Mahindra Bank, the bank presently has around 400 to 450 corporates banking
with it. To better service their needs, the bank is looking at innovative investment
methods that will assist corporate salaried individuals, including home banking,
investment accounts, and demat accounts.
Mahindra is also looking to double its corporate account base from the present
20 per cent to 40 per cent by the end of this financial year.