The Competition Commission of India (CCI) on Tuesday approved Kotak Mahindra Bank’s proposed acquisition of Standard Chartered Bank India’s personal loans portfolio for Rs 4,100 crore.
“The proposed combination is in the nature of an acquisition of the Target Business (unsecured personal loans portfolio) by Kotak Mahindra Bank Ltd (acquirer) from the Standard Chartered Bank, India Branch (Transferor),” CCI said in a release.
Kotak Mahindra Bank is a listed entity that provides a range of banking and financial services.
“CCI approves the proposed combination involving the acquisition of standard unsecured personal loans portfolio of Standard Chartered Bank, India Branch by Kotak Mahindra Bank Ltd,” read a post by CCI on X.
In October this year, private sector lender Kotak Mahindra Bank said it agreed to acquire the personal loan book of Standard Chartered Bank India for Rs 4,100 crore (about $490 million) to strengthen its position in the retail credit market.
The acquisition aligns with Kotak Mahindra Bank’s strategy to transform for scale and focus on customer-centric growth.
The high-quality loan book from Standard Chartered Bank allows Kotak to build on its strength in the affluent customer segment.
Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair competition in the marketplace.
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