Mumbai

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".

"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. 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.