Kotak Mahindra Bank (“KMBL”) (more news on Kotak Mahindra Bank) today announced that it has acquired the Agri and Healthcare Equipment financing portfolio (“Acquired Portfolio”) of De Lage Landen Financial Services India Private Limited (DLL India), a subsidiary of De Lage Landen International B.V., owned by Rabobank.
The operations of DLL India Acquired Portfolio will be transitioned to Kotak Mahindra Bank in a planned manner over the next few months. Until the transition, the portfolio will continue to be managed by DLL India.
With this acquisition, Kotak will gain access to over 25,000 high-quality customers with a total standard loan outstanding of around ₹ 582 Cr (equivalent to € 69.8 Mn).
In addition to the standard loans portfolio, Kotak has also acquired the Non-Performing Assets portfolio with a total loan outstanding of around ₹ 69 Cr (equivalent to € 8.3 Mn).
D Kannan, Group President – Commercial Banking, Kotak Mahindra Bank said, “DLL India has been operating in the country since 2013 and has built a strong customer portfolio. Kotak Mahindra Bank’s acquisition of DLL India’s Agri and Healthcare Equipment portfolio reiterates our continued commitment towards a strong presence in this space and gives us access to a high-quality customer base. We welcome DLL India customers to Kotak Bank and assure them that they will experience a seamless transition and enhanced customer experience.”
KPMG acted as the exclusive financial advisors to the shareholders of DLL India for this transaction of portfolio sale to Kotak Mahindra Bank.
Shares of Kotak Mahindra Bank Ltd was last trading in BSE at ₹1745.00 as compared to the previous close of ₹1739.15. The total number of shares traded during the day was 52519 in over 4058 trades.
The stock last hit in BSE,
- Intraday High of ₹ 1746.90
- Intraday low of ₹ 1728.10