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Kotak Bank to acquire StanChart loan book
The Morning Standard
|October 19, 2024
MARKING its second major acquisition of a foreign entity after snapping up ING Vysya in November 2014 for ₹15,000 crore, Kotak Mahindra Bank has agreed to acquire the personal portfolio of Standard Chartered Bank India.
The British lender's personal loan book is about ₹4,100 crore as of date.
Kotak Bank, which was banned by the RBI in April this year from carrying out any online sales as well as new credit card customers citing poor IT system, on Friday said the acquisition is aimed at expanding its retail lending business.
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