Capital Investment and Business Cooperation with Kotak Mahindra Bank Limited(1/1)
June 30, 2010
Sumitomo Mitsui Banking
Corporation
Capital
Investment and Business Cooperation with Kotak
Mahindra Bank Limited
TOKYO,
June 30, 2010 --- Sumitomo Mitsui Banking Corporation (“SMBC”,
President: Masayuki Oku) announced today an agreement to take an ownership
interest in, and a Memorandum of Understanding for business cooperation with, Kotak Mahindra Bank Limited (“Kotak”,
Vice Chairman & Managing Director: Uday S. Kotak), the 4th largest private sector banking and
financial services player in
Kotak is a financial services
conglomerate offering a wide range of financial services including commercial
banking, asset management, securities, and investment banking in
1.
Profile of Kotak
Established
: 1985 (obtained commercial banking
license in 2003)
Location
of head office :
36-38A, Nariman Bhavan,227
Nariman Point,
Networks
: 1,716 outlets (including
group companies)*
Number
of employees :
approximately 20,000 (including group companies)*
Consolidated
total assets : 551.2 billion Indian Rupee*
Consolidated
Capital Adequacy Raio : 19.3% *
（＊：as of 31 March, 2010)
2.
Summary of share subscription
Subscription
method : Private placement by preferential allotment of new shares
by Kotak
Number of shares : 16,400,000 ordinary shares
( 4.5% of the total issued shares
after the subscription)
Subscription price : 13.6612 billion Indian Rupee
Schedule
: Scheduled to close during August / September 2010**
(**)
The subscription is subject to approval by Kotak
shareholders and the Reserve Bank of
SMBC
will continue to serve its Japanese clients through SCB Japan Desk under the
business alliance with Standard Chartered Bank.
