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.
Most Popular Slideshows
- Top 5 Richest Tennis Athletes
- Angelina Jolie & Brad Pitt Heads to Malta For New Movie After A Whirlwind French Wedding [PHOTOS]
- 2014 US Open Update (Day 4 - Men's Singles): Murray, Djokovic, Raonic and Isner Advance to 3rd Round [PHOTOS]
- Kate Middleton’s Mom Accused Of Being A Social Climber, Prince George Not Seen By Relatives
Join the Conversation
- Malaysia Airlines to Axe 4,000 Employees, Including CEO; Suspends Trading of Shares
- Floyd Mayweather Gets Investment Advice from Warren Buffett What to Do With Millions
- Former U.S. VP Al Gore Backs Ovo Energy by Investing £8 Million Before IPO
- Study Shows Gap Between What Advisors Say and What Resonates with Investors
- Apple iWatch is iPhone 6 Accessory on Sept 19 Release Date: 6 Confirmed Specs & Features
- iPhone 6 Release Date Update: 4.7-Inch Model Scores 65.8% In Screen-To-Size Ratio; A Surprise Entry Scales Top Spot [List Attached]
- Canada Vs Russia War Erupts Via Twitter on Russia-Not Russia Maps
- Product Recall Alert: Hewlett-Packard Pulls Out 6M Power Cords from US, Canada Over Fire Hazard Concerns, Australia Also Affected
- ISIS Wants $6.6M and Release of Aafia Siddiqui in Exchange of Head of Female US Humanitarian Aid Worker, 1st American Fighting for Jihadis Dead
- Ukraine Ceasefire Looks Remote As Putin Talks Tough At Meeting With Poroshenko
- Windows 9 To Include Interactive Live Tiles and Notification Center in Metro 2.0