Kotak’s merger to finish this fiscal year

Hyderabad: Three months after ING Vysya Bank Ltd’s merger with Kotak Mahindra Bank, the latter has clarified that  the entire integration process will be done in the next six to nine months and the first quarter of this financial year will  reflect a combined results.

According to Sumit Bali, senior executive vice president, head-personal assets, Kotak Mahindra Bank, “Right now our focus is on consolidation and we want to deepen our presence. Having said that, we are hopeful of completing the entire merger and integration by the end of this financial year and our FY 2016 balance sheet will be a consolidated one.” He was speaking on the sidelines of an initiative by the bank to partner with blockbuster author —Amish’s latest book ‘Scion of Ikshvaku’, to launch a special themed debit card featuring the cover of the book here on Tuesday.

The merged entity has a national footprint of 1,200 branches and over 1,900 ATMs. He also said that the  bank is planning for a growth rate of about 8-10 per cent in terms of opening up of new branches. “Going further we are planning to have a growth rate of 8 to 10 per cent in number of branches for this fiscal,” Mr Bali informed.