Kotak Mahindra Bank Acquires Standard Chartered's Personal Loan Portfolio

Kotak Mahindra Bank's acquisition of Standard Chartered Bank India's personal loan portfolio, valued at Rs 4,100 crore, receives approval from the Competition Commission of India. This move is part of Kotak's strategy to enhance its position in the retail credit market, focusing on affluent customers.

The Competition Commission of India (CCI) has granted approval to Kotak Mahindra Bank for acquiring Standard Chartered Bank India's personal loan portfolio, valued at Rs 4,100 crore. This acquisition enhances Kotak's foothold in the retail credit sector, aligning with its strategy to scale and prioritize customer-centric growth.

Kotak Mahindra Bank Ltd, a prominent entity in banking and financial services, aims to leverage the high-quality loan book from Standard Chartered Bank to bolster its presence among affluent customers. The regulator's approval highlights its role in ensuring fairness and competition in the marketplace.

In October, Kotak Mahindra Bank announced this significant acquisition as part of its efforts to transform for scale. The CCI's endorsement signifies compliance with regulatory thresholds and the promotion of healthy business practices.

(With inputs from agencies.)