New Delhi, Nov 26 (PTI) The Competition Commission of India (CCI) on Tuesday approved Kotak Mahindra Bank’s proposed acquisition of Standard Chartered Bank India’s personal loans portfolio for Rs 4,100 crore.
“The proposed combination is in the nature of an acquisition of the Target Business (unsecured personal loans portfolio) by Kotak Mahindra Bank Ltd (acquirer) from the Standard Chartered Bank, India Branch (Transferor),” CCI said in a release.
Kotak Mahindra Bank Ltd is a listed entity engaged in the business of providing a range of banking and financial services.
“CCI approves the proposed combination involving the acquisition of standard unsecured personal loans portfolio of Standard Chartered Bank, India Branch by Kotak Mahindra Bank Ltd,” according to a post by CCI on X.
In October this year, private sector lender Kotak Mahindra Bank announced it has entered into an agreement to acquire the personal loan book of Standard Chartered Bank, India, for Rs 4,100 crore (about USD 490 million) to further strengthen its position in the retail credit market.
The acquisition aligns with Kotak Mahindra Bank Ltd’s (KMBL) 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.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace. PTI HG HG BAL BAL
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