Mumbai, Dec. 22 -- Kotak Mahindra Bank Ltd sees little value in listing its subsidiaries and selling a stake to "foreigners" at present and would rather focus on building an enduring institution, said chief executive officer Ashok Vaswani, even as peers have taken their units public during India's record IPO surge.

History shows that whenever a private or public sector bank sold a significant stake, they brought buyers from overseas, Vaswani, who will complete two years at the helm of India's fourth-largest private lender by assets in January, said in an interview with Mint.

"We are not here for a day in the sun or a quarter in the sun; we are here to build a lasting, lasting, lasting franchise," said Vaswani. "The foreigner brought in ...