To facilitate overseas funding requirements of Indian corporates
Ahmedabad, May 3, 2016: Kotak Mahindra Bank (KMB), today announced the launch of its International Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City), District Gandhinagar. The merger of ING Vysya Bank with KMB on April 1, 2015, significantly increased KMB’s network and assets in India, thereby cementing its position as India’s fourth largest private sector bank. Continuing with this growth trajectory, the launch of the IBU enhances KMB’s abilities to now offer foreign currency loans and deposits to corporates.
KVS Manian, President – Corporate, Institutional and Investment Banking, Kotak Mahindra Bank, said, “Indian corporates have expanded business operations across geographies, which in turn has led to increased requirement for financial products and services in overseas markets. Our IBU in GIFT City will cater to this growing demand. We will offer a host of products and services including External Commercial Borrowings (ECB), buyers’ credit for imports, and factoring / forfaiting of export receivables for Indian corporates in international markets.”
Indian corporates registered abroad including Wholly Owned Subsidiaries (WOS) & Joint Ventures (JV) can also avail of term loans and working capital loans from KMB. KMB will also accept deposits from overseas corporate bodies.