Bloomberg News

Kotak Mahindra Bank Acquires Barclays’s India Loan Portfolio

February 05, 2013

Kotak Mahindra Bank Ltd. (KMB), controlled by billionaire Uday Kotak, bought the business loan portfolio of Barclays Plc (BARC)’s Indian consumer-banking unit, the lender said.

The acquisition of the 7 billion rupees ($132 million) portfolio will give the bank access to about 6,000 customers, Kotak Mahindra said in a filing to the Bombay Stock Exchange today. The lender will “actively seek” to buy more assets, the filing said.

Barclays will continue to focus on providing wealth management, corporate and investment banking services in India, Clare Williams, Hong Kong-based spokeswoman for Barclays said in an e-mailed statement.

Kotak Mahindra Bank shares, the best performers on the country’s Bankex index for the day, gained 0.6 percent to 680.45 rupees at the close of trading. The 14-member Bankex Index lost 0.6 percent and benchmark Sensex fell 0.5 percent today.

To contact the reporter on this story: Anto Antony in Mumbai at aantony1@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus