Home - Banking - Banks - Axis Bank - Axis Bank Acquisition Buzz – To Be Bought By Kotak Mahindra Bank

Axis Bank Acquisition Buzz – To Be Bought By Kotak Mahindra Bank

If we may believe on a report by brokerage firm Nomura Financial Advisory Services, the time is ripe for Kotak Mahindra Bank to buy Axis Bank. Bank could be a potential acquisition target after its board accepted managing director Shikha Sharma’s plea to cut her fourth three-year term to seven months under RBI pressure.

Shikha Sharma, who joined Axis Bank in 2009, will now step down on 31 December 2018. Her fourth term as managing director and chief executive was originally set to end in June 2021.

A likely deal between Kotak and Axis will make the combined entity the second largest private bank in the country in terms of loans and the largest in terms of branches.

Private Bankers Can be Charged Under Anti-Corruption Law

The RBI requires promoters of private banks to bring down their holding to 15 per cent within 12 years of commencement of operations. The central bank has allowed Kotak Bank’s promoter Uday Kotak to bring down his holding in the bank to 15 per cent by March 2020. Uday Kotak and his family currently hold 30.06 per cent stake in the company.

as per report by ET

Click Here - Buy Online - Great Offers Today


For the latest Banking updates, follow AskBankings on Twitter, Facebook, and subscribe to our YouTube channel

Get Daily Updates On Banking, Enter your email address:

Leave a Reply

Be the First to Comment!

avatar
  Subscribe  
Notify of
x

Check Also

SBI Batted for Some Public Sector Banks Privatisation

State Bank of India (SBI) chairman Mr. Rajneesh Kumar has batted for the privatization of ...