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
- Twelve-hour cease-fire takes effect between Israel, Gaza militants
- India threatens to derail WTO deal, prompts angry U.S. rebuke
- 'Weird Al' Yankovic still trying to wrap head around No. 1 album
- Amazon's far-reaching ambitions, lack of profits, unnerve investors |
- Israel rejects Gaza ceasefire plan, wants changes - govt source
A 12-hour humanitarian truce went into effect on Saturday after Israel and Palestinian militant groups in the Gaza Strip agreed to a U.N. request for a pause in fighting and efforts proceeded to secure a long-term cease-fire moved ahead. Full Article
Amazon's far-reaching ambitions, lack of profits, unnerve investors Full Article