Kotak Mahindra Bank to acquire Rs 4,100 cr Standard Chartered Bank India's personal loan book
Mumbai: Kotak Mahindra Bank Limited has announced its acquisition of Standard Chartered Bank India's personal loan portfolio, valued at approximately Rs 4,100 crore as of September 30, 2024.
In an exchange filing on Friday, Kotak Mahindra Bank confirmed that a definitive agreement had been signed for the purchase.
The personal loan portfolio being acquired comprises "Standard Loans," as per Reserve Bank of India (RBI) guidelines.
The final loan amount to be acquired will be based on the outstanding amount at the time of completion.
Kotak Mahindra Bank emphasized that this acquisition is not a related party transaction, with no involvement from the bank's promoters or promoter group.
“This transaction supports our Retail Assets growth strategy and reinforces our commitment to retail lending. It provides access to a high-quality customer base, and with Kotak Group’s successful integration track record, we are committed to a smooth transition,” said Ambuj Chandna, Head-Products, Consumer Bank, Kotak Mahindra Bank.
Aditya Mandloi, Head of Wealth & Retail Banking at Standard Chartered Bank, India & South Asia, explained the rationale behind the move, stating: “Our decision to divest the personal loan book is in line with the Bank’s focus to accelerate growth in the wealth, affluent, and SME segment. India continues to be a key market for Standard Chartered, and we will continue to invest and grow in the country.”
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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