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

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

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