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Kotak Mahindra Bank to acquire personal loan book of Standard Chartered Bank
Oct-18-2024

Kotak Mahindra Bank (KMBL) has entered into an agreement to acquire the personal loan book (Proposed Transaction) of Standard Chartered Bank, India, further strengthening its position in the Retail Credit market.

As of September 30, 2024, Proposed Transaction comprises a total loan outstanding of around Rs 4,100 crore (equivalent to around $490 million). The Proposed Transaction consists of loans classified as ‘Standard Loans’ as per the Reserve Bank of India (RBI) guidelines. The transaction is expected to be completed over the next three months, subject to regulatory and other approvals and the satisfaction or waiver of customary closing conditions and KMBL will acquire the loan book, which will be outstanding closer to the completion date.

This acquisition aligns with KMBL’s strategy to transform for scale and focus on customer-centric growth. The high-quality loan book from Standard Chartered Bank allows KMBL to build on its strength in the affluent customer segment and further reinforces its leadership in the retail lending space.

KMBL aims to leverage its technology expertise and quality customer service to ensure a seamless transition for existing Standard Chartered Bank Personal Loan customers, maintaining the high standards both institutions are known for.

Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.

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