On October 18, 2024, Kotak Mahindra Bank Limited (KMBL) entered into a definitive agreement to acquire the personal loan portfolio of Standard Chartered Bank, India. The loan book, which had a total outstanding value of around ₹4,100 crore as of September 30, 2024, is expected to be transferred over the next three months, subject to regulatory approvals and the completion of customary conditions.
This acquisition is aligned with Kotak’s strategy to scale up in the retail credit market, particularly focusing on affluent customer segments. The deal will strengthen Kotak’s leadership in the unsecured lending space while ensuring a smooth transition for Standard Chartered’s personal loan customers. Both banks aim to maintain their high standards of service throughout the process.
Kotak Mahindra Bank’s leadership expressed confidence that this transaction will further bolster its customer base and retail assets strategy, leveraging technology and customer-centric growth initiatives.
