Kotak Mahindra Bank Aquires Business Loans Book of Barclays India
February 5, 2013 11:59 PM EST
Private sector lender Kotak Mahindra Bank Ltd (KTKM.NS) said on Tuesday it acquired the by SavingsApp" href="http://in.reuters.com/article/2013/02/05/kotakmahindra-barclays-loansbook-idINDEE91408X20130205">business loans portfolio of the Indian arm of Barclays Plc (BARC.L).
With this acquisition, Kotak will have 6000 customers with total loans outstanding of about 7 billion rupees, Kotak said.
Foreign banks in India face stiff competition from local rivals such as top lender State Bank of India (SBI.NS) and No. 2 ICICI Bank Ltd (ICBK.NS), and have managed to capture only a small share of the country's retail banking business.