Why ‘Kurunigala’ is banking the world’s largest commercial bank

Jul 9, 2021 Online Advertising

Business Insider staff writer Andrew Cunningham, a former financial journalist and author of “Kuruna: Inside The Bank of America,” wrote on Friday that the commercial bank “Kuru” has the potential to become the largest commercial banking institution in the world.

Cunningham explained that it’s the “commercial bank of the world.”

It is the second-largest bank by assets in the U.S. after JPMorgan Chase, and the largest by market cap, according to data compiled by Bloomberg.

Kuru’s chief executive officer, N.V. Prabhu, is credited with transforming the commercial banking industry by developing banking products that are used by billions of consumers and small businesses around the world, including its “Blue Chip” banking products, which are used to process credit card payments.

Kururu is not only the largest bank by market capitalization, but also the largest for the first time, according the data compiled for this story by Bloomberg, which added that its assets in 2015 reached $14.7 billion, up 14% from 2014.

The bank, which is backed by an equity of $5.6 billion, has over $1 trillion in assets, according data compiled on Friday by the World Bank.

Its market capitalisation is $12.5 billion.

The commercial bank is currently in the process of becoming a wholly-owned subsidiary of Bank of Tokyo-Mitsubishi UFJ (NYSE:BTM).

The new entity will take on new risks, including restructuring its business model, a statement from Bank of Japan (NYSE :BKK) read.

Kurbu Bank was founded in 2007, with its first branch opened in India in 2011.

The commercial bank has over 30 branches in India, as well as a branch in Turkey, as part of a joint venture with a local partner.

Kuria Bank is another bank by commercial banking size, with a market cap of $4.3 billion, according Bloomberg.

It is owned by Kuria, which itself is owned and operated by the same group of investors as the commercial banks, according CNBC.

It was founded by the late Indian entrepreneur and philanthropist Vijay Mallya, who was arrested on suspicion of embezzling money from his companies in 2009.

The new Kuru Bank will take over operations from Kuria and will be headquartered in Hyderabad, India.

It is also the second largest commercial lender by market value, according Forbes.

Kurus commercial banking is also currently being managed by its existing partner, National Savings Bank (NASB), which is a branch of the national government-backed bank that was formed to lend to Indian banks, Reuters reported.

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