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Kotak Mahindra Bank Limited (KMBL) to Purchase Standard Chartered India's Rs 4,100 Crore Personal Loan Portfolio.

Banking & Finance | Dated: 05 Nov 2024

On 18th October 2024, Mumbai (Maharashtra)-based Kotak Mahindra Bank Limited (KMBL), a leading Indian private sector bank, announced that it has entered into an agreement to acquire Standard Chartered Bank India's personal loan portfolio.

🎯 Key Highlights:

  • - The transaction will be completed within the next 3 months, subject to regulatory approvals, other required clearances, and the fulfillment or waiver of customary closing conditions.
  • - KMBL will acquire the loan portfolio, with the final outstanding amount to be determined closer to the completion date.

💡 Other Important Facts:

  • - As of 30th September 2024, the proposed transaction includes loans amounting to approximately Rs 4,100 crore (around USD 490 million), consisting of loans classified as "Standard Loans" in accordance with Reserve Bank of India (RBI) guidelines.

📚 Test Your Knowledge:

Kotak Mahindra Bank Limited is recently acquiring a personal loan portfolio from which bank’s Indian operations?

Correct Answer: Standard Chartered India

🚀 Quick Recap:

About Kotak Mahindra Bank Limited (KMBL)

  • CEO : Ashok Vaswani
  • Headquarter : Mumbai