Uday Kotak net worth 2023
Current Net Worth – $13.3 Billion (USD – 1,330 Crores), (Rupees – 1.107 Lakh Crores)
Uday Kotak short biography
|Net Worth||$13.3 Billion|
|Born||March 15, 1959 (Age – 64)|
|Identified as||Founder, CEO & MD of Kotak Mahindra Bank; & Chairman of IL&FS|
|Status||Indian billionaire banker|
|Education||Master of Business Administration, University of Mumbai; & Bachelor of Arts/Science, University of Mumbai|
|Spousal Status||Married (Pallavi Kotak)|
|Children||2 (Son & Daughter)|
He is an Indian banker, and Managing Director (MD), and also serves as the Executive-Vice chairman of Kotak Mahindra Bank, an Indian private sector bank headquartered in Mumbai, Maharashtra, India.
Instead of following his family’s trading business, Uday Kotak took a bold step in 1985 by launching a financial services firm, eventually transforming it into a full-fledged bank in 2003.
Today, his brainchild, Kotak Mahindra Bank, stands tall as one of India’s top four private sector banks, thanks to a significant milestone in 2014 when it acquired ING Bank’s Indian operations.
In 2020, Kotak made a strategic decision to divest some of his shares in the bank to meet the regulatory requirements set by the Reserve Bank of India.
In April 2021, the Bloomberg Billionaires Index counted his money at a whopping $14.8 billion.
In September 2023, Kotak made a notable transition in his career by stepping down as the CEO and managing director of the bank, retiring four months ahead of schedule. He now holds the role of a non-executive director on the board.
Continuing the legacy, his son Jay Kotak, who holds a degree from Harvard Business School, is actively contributing to the family’s financial endeavors. Jay serves as the vice president and co-head of the innovative Kotak811 digital bank.
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Uday Kotak biography
|Full Name||Uday Kotak|
|Height||5.9 feet, 175 cm|
Uday Kotak was born on March 15, 1959, in Mumbai to Ramesh Kotak and his wife in a normal Gujarati Lohana joint family. His father had returned to India from Karachi after Partition.
Kotak grew up in a comfortable Gujarati Hindu household, enjoying the company of around 60 family members living together and sharing a common kitchen. The family’s roots were in the field of combined trading.
He humorously referred to this as “Capitalism at work and Socialism at home.” In his earlier days, his interests included cricket and playing the sitar. However, in a 2014 interview with NDTV, he confessed that he had put aside his sitar playing.
His social media handle:
Kotak’s aptitude for mathematics significantly influenced his career choice. He obtained a bachelor’s degree from Sydenham College and later completed his postgraduate degree in management studies in 1982 from the Jamnalal Bajaj Institute of Management Studies.
After completing his MBA, Kotak embarked on his entrepreneurial journey by establishing Kotak Capital Management Finance Ltd, which later evolved into Kotak Mahindra Finance Ltd. With humble beginnings, starting with a seed capital of under $80,000 borrowed from family and friends, he transformed a bill-discounting startup into a financial services giant boasting assets worth $68 billion as of March 2022.
In a significant financial feat in 2014, Kotak almost doubled his wealth when the shares of Kotak Mahindra Bank reached an all-time high. This followed his successful sealing of a $2.4 billion deal in November 2014 to acquire rival ING Vysya Bank, a bank partly owned by the Dutch financial services group ING.
2015 marked another milestone as Kotak ventured into the general insurance business and partnered with telecom magnate Sunil Mittal’s Bharti Airtel to launch a small payments bank.
To comply with regulatory requirements, Kotak reduced his stake in Kotak Mahindra Bank to 30% as of the present, as he is mandated to bring it down to 20% per RBI directives.
In August 2019, he gained recognition as one of the highest-paid CEOs in the Indian banking sector, earning a monthly salary of ₹27 lakh (US$34,000).
Kotak also assumed the role of President of the Confederation of Indian Industry (CII) for the term 2020-21.
In August 2023, it was announced that his alternate fund management and investment advisory businesses would merge into a single entity known as Kotak Alternate Asset Managers (KAAM), expected to oversee a substantial $18 billion in assets under management, solidifying its position as the largest asset management entity in India.
Wonderful messaging to be wise, to be strong. Nice and right for our times. https://t.co/4886mDnNAD
— Uday Kotak (@udaykotak) May 4, 2021
In June 2020, Kotak is required to fetch his stack down to 20% in the Mahindra Bank as per the RBI agreement, so he has lowered his stake in the Kotak Mahindra Bank to 30%.
During 2020-21, he has dominated as President of the Confederation of Indian Industry (CII).
Now, he is partnering with Sunil Mittal’s Bharti Airtel to begin a small payments bank in India.
His company’s social media handles:
Private & early life
He is married to Pallavi Kotak and the couple has 2 children, his son Jay Kotak is known as the Associate VP of Kotak Mahindra Bank and has a pretty daughter.
|2014||Ernst & Young World Entrepreneur Of The Year|
|2015||Business Leader of the Year Award (Economic Times)|
|2016||Money Masters: The Most Powerful People in The Financial World|
|2017||#8th in India’s 50 most powerful people of 2017 (India Today)|
|2018||USIBC Global Leadership Award|
- 1959 – Uday Suresh Kotak is born in Mumbai, India.
- 1985 – Kotak Capital Management Finance is founded.
- 1986 – Kotak Mahindra Finance was established.
- 1995 – Forms an alliance with Goldman Sachs in India.
- 1998 – Establishes a mutual fund business with an asset management firm.
- 2003 – Kotak Mahindra Finance becomes a full-fledged bank.
- 2006 – Kotak Mahindra sells its interest in Hutchison Essar.
- 2006 – Acquires Goldman Sachs’ shares in two joint ventures.
- 2012 – The Reserve Bank of India orders Kotak to sell its share in Kotak Mahindra.
- 2016 – Kotak Mahindra purchases BSS Microfinance for $21 million.
Net worth in Billion statistics
- March 2011 – $3.2 B
- March 2012 – $4.1 B
- March 2013 – $4.4 B
- March 2014 – $3.8 B
- March 2015 – $7.2 B
- March 2016 – $6.3 B
- March 2017 – $8.0 B
- March 2018 – $10.7 B
- March 2019 – $11.8 B
- April 2020 – $10.4 B
- April 2021 – $15.9 B
- April 2022 – $14.3 B
- April 2023 – $12.9 B