Kotak Mahindra Bank buys business loans book of Barclays India

Tue Feb 5, 2013 5:39pm IST

The Barclays logo is seen on the side of a Barclays building in Times Square, New York March 16, 2009. REUTERS/Lucas Jackson/Files

The Barclays logo is seen on the side of a Barclays building in Times Square, New York March 16, 2009.

Credit: Reuters/Lucas Jackson/Files

Related Topics

Stocks

   

REUTERS - Private sector lender Kotak Mahindra Bank Ltd (KTKM.NS) said on Tuesday it acquired the business loans portfolio of the Indian arm of Barclays Plc (BARC.L).

With this acquisition, Kotak will have 6000 customers with total loans outstanding of about 7 billion rupees, Kotak said.

In December 2011, Barclays had said it would stop making retail loans as part of its new strategy to focus only on wealth management and corporate and investment banking operations in India.

Foreign banks in India face stiff competition from local rivals such as top lender State Bank of India (SBI.NS) and No. 2 ICICI Bank Ltd (ICBK.NS), and have managed to capture only a small share of the country's retail banking business.

(Reporting by Swati Pandey in Mumbai; Editing by Anand Basu)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Trade Deal

REUTERS SHOWCASE

Record High

Record High

Nifty hits record high on foreign buying, higher Asian stocks.  Full Article 

Bullish on Equities

Bullish on Equities

Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs  Full Article 

BRICS Bank

BRICS Bank

World Bank chief welcomes new BRICS development bank.  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Photo

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

 Boosting Output

Boosting Output

NMDC plans to boost iron ore output by two-thirds  Full Article 

Apple Results

Apple Results

Apple margin concerns fade, focus shifts to iPhone launch  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage