Kotak Mahindra Bank Acquires Standard Chartered India’s Personal Loan Business for INR 3,330 Crore
Mumbai, January 23: Kotak Mahindra Bank on Thursday said it has completed the acquisition of the personal loan portfolio of Standard Chartered India for Rs 3,330 crore. The acquisition, which received the necessary regulatory approvals, will help Kotak strengthen its position in the retail credit market, Kotak Mahindra Bank said in an exchange filing.
The bank said the high-quality loan portfolio will enhance its presence in the affluent customer segment and further solidify its leadership in retail lending. According to the exchange filing, “we refer to our intimations dated October 18, 2024 and November 27, 2024 in relation to the proposed acquisition by the Bank of the Personal Loan book of Standard Chartered Bank, India, as stated therein”. JioCoin Cryptocurrency: How To Earn Jio Coins for Free? How To Use Them Across Jio Apps and Services? Check Step-by-Step Process Here.
“In this regard, we now wish to inform you that, after having received the necessary regulatory approvals and upon fulfillment of the relevant conditions precedent, the Bank has, today, i.e., on January 23, 2025, completed the aforesaid acquisition,” the bank further said.
This is the first major acquisition under Ashok Vaswani, who took charge as the Managing Director and CEO of Kotak Mahindra Bank on January 1 this year. Kotak Mahindra Bank is expecting to align the acquisition to its strategy to drive growth, expand market share and unlock opportunities in the ‘Salaried Affluent’ segment. Blinkit Now Delivers Smartphones and Feature Phones in 10 Minutes in Delhi NCR, Mumbai and Bengaluru.
Earlier, under Uday Kotak’s leadership, the bank had explored the possibility of acquiring Citibank India’s consumer business, which included its credit card portfolio. However, Axis Bank eventually acquired the business. For the quarter that ended December 2024, Kotak Mahindra Bank reported a 16 per cent year-on-year increase in advances, reaching Rs 4.33 lakh crore. The share of unsecured retail advances, including microcredit, fell to 10.5 per cent of net advances from 11.3 per cent in the previous quarter.
(The above story first appeared on Today News 24 on Jan 23, 2025 07:27 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
