Kotak Mahindra Bank acquires Standard Chartered India’s personal loan biz for Rs 3,330 cr
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.
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.
Kotak Mahindra Bank Limited, on Friday, announced that it 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.
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However, the RBI (Reserve Bank of India) said the bank shall continue to provide services to its existing customers, including its credit card customers.
On a standalone basis, the net profit for the reporting period was up 7.62% to Rs 3,005 crore, attributed to a sharp rise in provisions.
Kotak Mahindra Bank on Saturday said it closed the second quarter of FY24 with higher net profit of Rs 3,190.97 crore.
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