Kotak Mahindra Bank will buy Standard Chartered Bank's personal loan business in India, the Indian lender said on Friday, leaving the U.K.-based company to focus on its wealth and investment banking business in Asia's third-largest economy.

Kotak Mahindra Bank announced its acquisition of Standard Chartered Bank's Rs 4,100-crore personal loan portfolio, a strategic move aligning with its customer-centric growth focus. The transaction, expected to complete in three months,

Kotak Mahindra Bank will acquire Standard Chartered Bank's personal loan book worth ₹4,100 crore on October 18, 2024. This move aligns with Standard Chartered's focus on wealth growth, while Kotak aims to enhance its retail lending segment.

Kotak Mahindra Bank announced its acquisition of Standard Chartered Bank's Rs 4,100-crore personal loan portfolio. This strategic move aligns with Kotak's customer-centric growth focus, enhancing its retail lending position.

The lender's growth outlook, especially on the trajectory of unsecured book, will be key to watch, say analysts

This deal marks the second significant transaction between an Indian private sector bank and a foreign bank in recent years

As of June 2024, Kotak Mahindra Bank's personal loans, consumer durable loans, and business loans totalled Rs 20,317 crore, while credit card loans amounted to Rs 14,644 crore.

Kotak Mahindra Bank on Friday announced that it will be acquiring foreign lender Standard Chartered Bank's Rs 4,100-crore personal loan portfolio for an undisclosed sum. The private sector bank will be picking up the entire quantum of the foreign lender's personal loans classified as "standard advances" and the transaction is expected to be

Kotak Mahindra Bank says Standard Chartered Bank's high-quality loan book allows it to build on its strength in affluent customer segment

StanChart's personal loan book had an outstanding of Rs 4,100 crore ($488 million) as of Sept. 30, Kotak Mahindra Bank said. India's personal loan market has become intensely competitive amid strong consumer demand.