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Uday Suresh Kotak (born 15 March 1959) is an Indian billionaire banker and founder of Kotak Mahindra Bank, where he is a non-executive director. He resigned from his CEO position in September 2023. He handed over the digital banking CEO role to his son, Jay Kotak.
In the early 1980s, while India was still a closed economy with slow economic growth, Kotak decided to start on his own, turning down a lucrative job offer from a multinational corporation. Over the next few years, he diversified his business into various areas of financial services, establishing a prominent presence in bills discounting, Stockbroker, investment banking, car finance, life insurance and Mutual fund.
In March 2003, Kotak Mahindra Finance Ltd. became the first company to receive a banking license from Reserve Bank of India. In 2006, he and Goldman Sachs ended their 14-year partnership when Goldman Sachs sold their 25% stake in two subsidiaries for $72 million to Kotak. Bloomberg Billionaires Index estimated his wealth to be US$14.8 billion as of April 2021.
In October 2024, Kotak was ranked 18th on the Forbes list of India’s 100 richest tycoons, with a net worth of $14.1 billion.
As per Forbes list of The Richest People In The World, dated 8 MARCH 2024 Uday Kotak ranked #148 with a net worth of $13.3 Billion.
During 2014, Kotak almost doubled his wealth as shares of his Kotak Mahindra Bank hit an all-time high after he sealed a $2.4 billion deal in November 2014 for rival ING Vysya Bank, partly owned by Dutch financial services group ING. In 2015, Kotak entered the general insurance business and is partnering with telecom magnate Sunil Mittal's Bharti Airtel to start a small payments bank. Kotak has reduced his stake in the Kotak Mahindra Bank to 30% as of now, as he is required to bring it down to 20% as per RBI directions.
In August 2019 he was reported to be one of the most highly paid CEOs of any Indian bank with a monthly salary of . He took over as President of the Confederation of Indian Industry (CII) for the year 2020-21. In August 2023, it was announced that Kotak's alternate fund management and investment advisory businesses would be combined into one entity called Kotak Alternate Asset Managers (KAAM). It was reported that the entity would have $18 billion in assets under management, making it the largest asset management entity in India.
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