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
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- REFILE-Slain journalist's employer publishes email to family from Islamic State
- Ukraine's Poroshenko talks tough ahead of meetings with Merkel, Putin
- Insight - As Ukraine forces gain in east, focus of German diplomacy shifts
- Gold near two-month low; set for weekly drop on interest rate fears
U.S.-based economist Arvind Subramanian is poised to be named as chief economic adviser to Prime Minister Narendra Modi's government, two sources at the finance ministry said on Friday. Full Article