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Kotak Mahindra Bank announced the purchase of Rs 4,100 crore personal loan portfolio of foreign Standard Chartered Bank. However, the bank did not disclose the amount of the deal. According to a statement, Kotak Mahindra Bank will buy the overseas lender's personal loans classified as standard advances under the deal.
Mumbai . Private sector Kotak Mahindra Bank announced the purchase of Rs 4,100 crore personal loan portfolio of foreign Standard Chartered Bank. However, the bank did not disclose the amount of the deal. According to a statement, Kotak Mahindra Bank will buy the overseas lender's personal loans classified as standard advances under the deal. The deal is expected to be completed in three months. Kotak Mahindra Bank said the deal is in line with its strategy to achieve greater scale and focus on customer-centric growth and will help in enhancing its retail assets, citing its high-quality loan book.
The deal comes nearly two years after Standard Chartered rival Citibank sold its entire retail business to Kotak's bigger rival Axis Bank. The deal has been announced a day before Kotak Mahindra Bank announces its September quarter results. Ambuj Chandna, Product Head (Consumer Bank), Kotak Mahindra, said India's unsecured loan market offers significant growth potential for Kotak.
The Bank will be able to sustainably pursue growth based on its risk management and technology-driven approach. Aditya Mandloi, head of asset and retail banking at Standard Chartered Bank, said the decision to sell the loan portfolio is in line with the focus on wealth, prosperity and accelerating growth in the small and medium enterprises segment. Describing India as a key market for Standard Chartered, Mandloi said, asset and retail banking and corporate and investment banking are its cornerstones and we will continue to invest and grow in India.
Disclaimer: Prabhasakshi has not edited this news. This news has been published from PTI-language feed.
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