Kotak Bank To Acquire StanC India’s Personal Loan Portfolio

 Mumbai: Kotak Mahindra Bank on Friday announced that it will acquire Standard Chartered Bank’s personal loan portfolio in India, as the UK-based lender shifts its focus toward wealth management and investment banking in Asia’s third-largest economy.Standard Chartered’s personal loan book had an outstanding balance of Rs 4100 crore as of September 30, 2024. The deal is expected to close within three months, pending regulatory and other approvals, Kotak said. The acquisition consists of loans classified as “Standard Loans” according to the Reserve Bank of India (RBI) guidelines. Kotak Mahindra Bank aims to strengthen its affluent customer segment and focus on retail lending space.“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. Kotak Bank stated that this transaction is not a related party transaction, and the promoter, promoter group, or promoter companies do not have any interest in it.