- Kotak Mahindra Bank to acquire Standard Chartered India’s ₹4,100 crore personal loan portfolio.
- The deal is set to close by September 2024, pending regulatory and other approvals.
- The acquisition aligns with KMBL’s strategy to expand retail lending and strengthen its affluent customer segment.
The Competition Commission of India (CCI) has approved Kotak Mahindra Bank’s (KMBL) proposal to acquire Standard Chartered Bank India’s ₹4,100 crore personal loan portfolio. The transaction, announced in October, includes loans categorized as “Standard Loans” per RBI guidelines and is expected to conclude by September 2024, subject to regulatory and other customary approvals.
KMBL aims to use this acquisition to enhance its scale and focus on customer-centric growth. The high-quality loan book strengthens its position in the retail lending space, especially within the affluent customer segment. This move reflects the bank’s larger strategy under CEO Ashok Vaswani to emphasize growth and leadership in retail lending.
This is the second major deal between a private Indian bank and a foreign bank, following Axis Bank’s acquisition of Citi India’s consumer business in 2022. Currently, consumer loans make up 45% of KMBL’s total loan book, valued at ₹1.83 lakh crore as of June 30, 2024.
