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

BACK IN JAIL

REUTERS SHOWCASE

Modi Hurdle

Modi Hurdle

Appointment of Arvind Subramanian as chief economic adviser hits Modi hurdle.  Full Article 

USL Board

USL Board

Diageo bars United Breweries from appointing independent director at United Spirits.  Full Article 

Amazon in India

Amazon in India

Amazon to sell packaged food and beverages in India - Economic Times.  Full Article 

iOS 8 Issue

iOS 8 Issue

iOS 8 causing Bluetooth connectivity issues - Apple news blog  Full Article 

NYT Job Cut

NYT Job Cut

New York Times to cut jobs as new products disappoint  Full Article 

Factory Activity

Factory Activity

Factories expand at slowest pace this year in September  Full Article 

Monetary Policy

Monetary Policy

RBI not biased towards either raising or cutting rates - Rajan  Full Article 

Weak Demand

Weak Demand

Weak demand hits factory activity across Asia, Europe  Full Article 

Pimco Fund

Pimco Fund

Pimco Total Return Fund posts record $23.5 bln net outflow in Sept  Full Article 

Reuters India Mobile

Reuters India Mobile

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