Kotak Mahindra Bank buys business loans book of Barclays India
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)
- Tweet this
- Share this
- Digg this
Trending On Reuters
India's main public health programmes, aimed at millions of rural poor, have been in disarray for months because the government changed the way that over $1.3 billion in funds were distributed, according to data and letters seen by Reuters. Full Article | Graphic: India's health funding