Kotak Mahindra Bank Group has signed an agreement up with Canadian Pension Plan Investment Board (CPPIB) to launch a $525 million fund to invest in the stressed asset market in India. The Canadian pension fund manager will have the option to invest up to $450 million in this partnership.
Under this agreement stated fund will work with Kotak Mahindra Group and its associate firms.Kotak Mahindra Bank Phoenix Asset Reconstruction Company (ARC) Pvt. Ltd, to locate opportunities in the stressed asset market in India. Kotak Mahindra Bank currently owns 49% stake in Phoenix ARC. Gross non-performing assets of 39 listed banks surged to Rs.4.38 trillion in the quarter ended 31 December 2015 also Crisil Ratings had emphasized that it expects stressed assets in the Indian banking system to rise to over Rs.7 trillion (or 11.3% of total loans) by March 2017, from about Rs.4 trillion (7.2% of total loans) as on March 2015.
Kotak Mahindra Bank is an Indian private sector banking headquartered in Mumbai, Maharashtra, India. In February 2003, Reserve Bank of India (RBI) gave the licence to Kotak Mahindra Finance Ltd., the group’s flagship company, to carry on banking business. As of 30 September 2014, Kotak Mahindra Bank has a network of 641 branches and over 1,159 ATMs spread across 363 locations in the country. The bank, before its merger with ING Vysya, had around 29,000 employees
The CPP Investment Board, formally the Canada Pension Plan Investment Board, is a Canadian Crown corporation established in 1997 to oversee and invest the funds contributed to and held by the Canada Pension Plan.
So lets do:
- Who is the CEO of Kotak Mahindra Bank?
- Recently Kotak Mahindra Bank signed MoU with with pension Plan Investment?
Source – The Hindu