Kotak Mahindra Bank to expand, enter credit card and insurance businesses
18 May 2007

Mumbai: Kotak Mahindra Bank will have 200 branches in 95 locations across the country by June 2008 against the current 105 branches across 73 locations, a senior official of the bank said.

Before the end of this year, the number of branches of the bank will increase to 185, K V S Manian, group head-retail liabilities and branch banking, told reporters in Tiruchirapally.

The bank will also hit the six-lakh customer target by that time, he said, adding that out of this, 1.2 lakh will be from small business banking category.

Kotak Mahindra Bank registered a profit of Rs141 crore last fiscal.

He said the bank sold around 200kg of pure gold coins and bars since its launch in October last year. Twenty-five per cent of the total sales were from branches in Tamil Nadu and Kerala. In the current fiscal, the target was to exceed 600kg, he added.

The bank, he said, has plans to enter the credit card business.

Manian said, the bank's strategy was to share ATM services with HDFC bank. It also plans to accept all VISA cards free of cost.

Kotak Mahindra Bank, meanwhile, has tied up with Tata-AIG to formally launch the distribution of general insurance policies within the next two to three weeks.

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