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C.J. Punnathara

Kochi , June 16

To tap the continuing Indian growth story, Kotak Mahindra UK hopes to open its new branch in Singapore in a month's time. This follows several rounds of discussions held between the company and the Monetary Authority of Singapore during the past few months.

"With the opening of the new branch, we will be able to efficiently channel FII investments from the US, Europe, West Asia and Far East into India," said Mr C. Jayaram, Executive Director, Wealth Management, Kotak Mahindra Bank.

The bank already has a subsidiary, Kotak Mahindra Inc. in the US, Kotak Mahindra UK in Britain and Kotak Mahindra UK branch at the Dubai International Finance Centre in West Asia.

The new branch will smoothen the flow of FII and institutional funds from markets such as Japan, Korea, Hong Kong and Singapore. After the Singapore branch stabilises, Kotak Mahindra will consider opening branches in Japan, Korea and Hong Kong.

There are several advantages in operating out of Singapore and Dubai, Mr Jayaram said. The proximity to the Indian market adds value to the operational centre. Also, the Dubai and Singapore branches can remain operational during the Indian market hours.

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