Kotak Mahindra Financial Services, a part of Indian financial conglomerate Kotak Mahindra Group, has launched its DIFC operations, reaffirming the group's commitment to expanding its middle east operations.
Kotak Mahindra Financial Services has been incorporated in DIFC as a 100% subsidiary of Kotak Securities. The licence awarded by the Dubai Financial Services Authority (DFSA) enables Kotak Mahindra Financial Services to arrange credit or deals in investment; advise on financial products and credit; and arrange custody from its DIFC-based office.
Abdulla Mohammed Al Awar, CEO of the DIFC Authority, said: “The establishment of Kotak Securities’ subsidiary in DIFC points to the growing investment and financial industry ties between India and UAE. With both countries playing increasingly larger roles in the international economy, by virtue of their rapid growth and resilience to the global financial crisis, there are growing opportunities for partnerships between companies in the financial services sectors of their economies. The establishment of large financial institutions from India like Kotak Securities in DIFC will help to tap these exciting opportunities.”
Somer Massey, CEO, Kotak Mahindra Financial Services, said: “India has long been an attractive market, and we are delighted that investors based in the middle east can now access information on various investment opportunities available in India through our office in DIFC. India has shown resilience and prudence during the recent global financial crisis and the economy is gaining strength in the light of recent budgetary announcements. A large diversified consumer base, a growing private sector enterprise, a stable government and a strong regulatory environment make India an ideal investment destination.”