Kotak Mahindra Bank’s relocate to get Standard Chartered’s individual funding publication is targeted at enhancing its placement in the consumer credit market.
The suggested deal includes financings identified as ‘Standard Loans’ based on the Reserve Bank of India (RBI) standards.
Kotak Mahindra Bank on Friday claimed it has actually become part of a contract to get the individual funding publication of Standard Chartered Bank India, which has a complete superior of about Rs 4,100 crore. Kotak’s step is targeted at enhancing its placement in the consumer credit market.
“The proposed transaction consists of loans classified as ‘Standard Loans’ as per the Reserve Bank of India (RBI) guidelines. The transaction is expected to be completed over the next three months, subject to regulatory and other approvals and the satisfaction or waiver of customary closing conditions and KMBL will acquire the loan book, which will be outstanding closer to the completion date,” Kotak claimed in a declaration.
This purchase lines up with Kotak Mahindra Bank’s method to change for range and concentrate on customer-centric development, it claimed.
“The high-quality loan book from Standard Chartered Bank allows Kotak’s to build on its strength in the affluent customer segment and further reinforces its leadership in the retail lending space,” Kotak Mahindra Bank included.
Kotak Mahindra Bank intends to take advantage of its modern technology proficiency and top quality client service to guarantee a smooth shift for existing Standard Chartered Bank Personal Loan consumers, keeping the high requirements both establishments are recognized for.
Ambuj Chandna, Head-Products, Consumer Bank, Kotak Mahindra Bank, claimed, “India’s unsecured lending market offers significant growth potential for Kotak, especially in the higher-end segment. Our strong risk management, customer-centric products, and technology-driven approach position us for sustainable growth. This transaction supports our Retail Assets growth strategy and reinforces our commitment to retail lending. It provides access to a high-quality customer base, and with Kotak Group’s successful integration track record, we are committed to a smooth transition. We look forward to welcoming new customers to Kotak Mahindra Bank, ensuring a seamless transition and enhanced experience with our diverse products and services.”
Aditya Mandloi, Head– Wealth & & Retail Banking, Standard Chartered Bank, India & South Asia claimed, “Our decision to divest the personal loan book is in line with the Bank’s focus to accelerate growth in the wealth, affluent and SME segment. India continues to be a key market for Standard Chartered network, with Wealth & Retail Banking (WRB) and Corporate & Investment banking (CIB) as the cornerstones and we will continue to invest and grow in India. Together with Kotak, we remain committed towards ensuring a seamless transition for our clients.”
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