Kotak Mahindra Bank, India’s fourth-biggest privately held lender, aims to use Hong Kong as a springboard to the mainland, setting up a base camp in the city before venturing across the border, the Hong Kong Economic Journal reported Monday, citing executive vice chairman and managing director Uday Kotak.
Kotak said the city remains an ideal gateway to the mainland thanks to its competitive advantage in the free flow of capital. Its well-established legal system is another draw for businesspeople.
Kotak, Ernst & Young’s 2014 World Entrepreneur of the Year, said closer trade and investment ties between China and India will yield more opportunities for the financial services industry.
The banker has also helped Indian farmers get low-cost loans, despite tough limits on privately held banks in the country.
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