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Uday Suresh Kotak | |
|---|---|
| Born | (1959-03-15)15 March 1959 (age 66) Mumbai, India |
| Education | University of Mumbai |
| Occupations |
|
| Board member of | Kotak Mahindra Bank |
| Spouse | Pallavi Kotak |
| Children | 2 |
Uday Suresh Kotak (born 15 March 1959) is an Indian billionaire banker and founder ofKotak Mahindra Bank, where he is a non-executive director.[2] He resigned from his CEO position in September 2023.[3] He handed over the digital banking CEO role to his son, Jay Kotak.[4]
In the early 1980s, while India was still a closed economy with slow economic growth, Kotak decided to start on his own, turning down a lucrative job offer from a multinational corporation.[5] Over the next few years, he diversified his business into various areas of financial services, establishing a prominent presence in bills discounting,stockbroking,investment banking,car finance,life insurance andmutual funds.[6]
In March 2003, Kotak Mahindra Finance Ltd. became the first company to receive a banking license fromReserve Bank of India.[5] In 2006, he andGoldman Sachs ended their 14-year partnership when Goldman Sachs sold their 25% stake in two subsidiaries for $72 million to Kotak.[7]Bloomberg Billionaires Index estimated his wealth to be US$14.8 billion as of April 2021.[8]
In October 2024, Kotak was ranked 18th on the Forbes list of India’s 100 richest tycoons, with a net worth of $14.1 billion.[9]
As per Forbes list of The Richest People In The World, dated 8 MARCH 2024 Uday Kotak ranked #148 with a net worth of $13.3 Billion.[10]
Uday Kotak was born inMumbai on 15 March 1959 to an upper-middle-classGujarati HinduLohana family that engaged in cotton trading.[11][12][13] He grew up in a large joint family in a home with 60 people living under one roof.[11] He called this "Capitalism at work and Socialism at home".[14] His two pastimes were cricket and playing the sitar. In a 2014 interview withNDTV, he admitted that he was no longer playing the sitar.[14] His talent in mathematics influenced his choice of career.[15] He earned a bachelor's degree fromSydenham College and completed a postgraduate degree in management studies in 1982 fromJamnalal Bajaj Institute of Management Studies.[16]
After completing his MBA, Kotak started Kotak Capital Management Finance Ltd (which later became Kotak Mahindra Finance Ltd).[17] From a seed capital of less than US$80,000 borrowed from family and friends, he converted a bill-discounting start-up into a financial services conglomerate with assets of US$68 billion (as of March 2022), and the third largest private sector bank by market capitalization in India with over 1752 branches.[18][19][20]
During 2014, Kotak almost doubled his wealth as shares of hisKotak Mahindra Bank hit an all-time high after he sealed a $2.4 billion deal in November 2014 for rival ING Vysya Bank, partly owned by Dutch financial services groupING.[21] In 2015, Kotak entered the general insurance business and is partnering with telecom magnate Sunil Mittal'sBharti Airtel to start a small payments bank.[21] Kotak has reduced his stake in theKotak Mahindra Bank to 30% as of now, as he is required to bring it down to 20% as per RBI directions.[21]
In August 2019 he was reported to be one of the most highly paid CEOs of any Indian bank with a monthly salary of₹27 lakh (US$31,000).[22] He took over as President of theConfederation of Indian Industry (CII) for the year 2020-21.[23] In August 2023, it was announced that Kotak's alternate fund management and investment advisory businesses would be combined into one entity called Kotak Alternate Asset Managers (KAAM). It was reported that the entity would have $18 billion in assets under management, making it the largest asset management entity in India.[24]
Kotak is a member of theGovernment of India's High-Level Committee on Financing Infrastructure, the Primary Market Advisory Committee of theSecurities & Exchange Board of India, Member of the Board of Governors of theNational Institute of Securities Markets and the Indian Council for Research on International Economic Relations (ICRIER).[30] He is also Governing Member of theUWC Mahindra College, and a Member of the National Council of theConfederation of Indian Industry (CII).[30] Kotak is also a member of the strategic board which advises the national law firm,Cyril Amarchand Mangaldas.[31]
He is married to Pallavi Kotak, has two children and lives in Mumbai.[32]
Born in Mumbai on March 15, 1959, Uday Kotak hails from an upper-middle-class Gujarati Lohana joint family that engaged in cotton trading.