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Wednesday, October 16, 2013

Kotak Mahindra Bank to move into Bandra Kurla Complex

Kotak Mahindra Bank Managing Director Uday Kotak along with the bank’s operating management committee, including C. Jayaram and Dipak Gupta, are soon to get a swank new office address at Bandra Kurla Complex in Mumbai.

After playing host to the who’s who of Mumbai’s banking corporates, including ICICI Bank, Bank of Baroda, Bank of India, IDFC, Standard Chartered, HSBC, Deutsche Bank and Citibank, the complex is now set to welcome the latest entrant after a four-year wait.

The new office, with an area of about 1.5 lakh square feet, is set to house about 1,500 Kotak Bank employees. The first phase of shifting has already begun on Monday. “The building is currently under process of being done up for the shifting and our offices there should be ready by the next two months,” said a Kotak Bank employee.

This follows the company finally receiving the said approvals to begin shifting its staff into the 10-storey building belonging to Apple Finance whose ownership rights were acquired by the bank in 2009 for about Rs 470 crore as part of a stress-sale acquisition. This acquisition, in turn, was part of the consent terms signed before the Bombay High Court between the bank and Apple Finance.

The building that came up in early 2000 was constructed by Shapoorji Pallonji and designed by Hafeez Contractor.

Uday Kotak now shuttles between his three office premises at Nariman Point, Kalina and Goregaon. However, now that is set to change with the entire top management moving into a central office post consolidating its branches at INGS point Kalina and Baktawar building in Nariman Point in the initial phase.

The latter now houses the bank’s investment banking and treasury divisions, apart from one of Uday Kotak’s office.

Source: thehindubusinessline


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