Kotak’s own net worth is about $14.5 billion, most of which comes from his 26% stake in the bank, according to the Bloomberg Billionaires Index.
“We are now a pre-eminent bank & financial institution, created on the basic tenets of trust and transparency. We have created value for our stakeholders and provide over 1 lakh direct jobs. An investment of Rs 10,000 with us in 1985 would be worth around Rs 300 crore today,” Kotak said on his official X handle.
Kotak was at the helm of affairs in India’s third-largest private lender by way of market capitalisation, since its inception in 1985 as an NBFC. He converted it into a full-fledged commercial bank in 2003.
“I stand in a lonely place of being a founder, promoter and significant shareholder of this great institution. In these changing times, I envision an India leading the world in the years ahead,” he wrote in a letter to the bank’s board.
“Although I still have a few months to go, I tender my resignation with immediate effect. I have mulled over this decision for some time and believe this is the right thing for the institution,” he wrote.
In the interim, Dipak Gupta, the Joint MD will take over the responsibilities of Kotak until December 31, subject to the approval of the Reserve Bank of India and the members of the bank, it said.Kotak Mahindra Bank recently denied that the banking regulator has suggested it hire an external candidate to succeed founder-CEO and richest Asian banker Kotak, who is set to give up executive responsibilities at the end of this year.
The bank’s statement was in response to a Bloomberg report that said the central bank is nudging Mumbai-based Kotak Mahindra Bank to select someone outside the lender’s ranks to lead the bank after its founder gives up an executive responsibility at the end of the mandated tenure.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Download The Economic Times News App to get Daily Market Updates & Live Business News.