Kotak Mahindra Bank has acquired the business loans portfolio aggregating Rs 700 crore from Barclays Bank (India Branch) and Barclays Investment and Loan (India) Ltd.
Kotak Bank will gain access to around 6,000 business loan customers from the foreign bank, said Paul Parambi, Head - Group Strategy, Kotak Mahindra Bank.
The bank official, however, did not disclose the financial details of the deal.
Kotak Mahindra had last year acquired a part of the UK-based lender’s local credit-card portfolio.
According to Parambi, “The business loan portfolio comprises unsecured loans. All these loans are classified as standard loans as per current RBI guidelines.
“We are sitting on surplus cash and are on the look out for more asset portfolios that makes business sense for our bank.”
Barclays has been trimming its operations in India over the past couple of years.