Kotak Mahindra Bank’s subsidiary company -- Kotak Mahindra Prime (Kotak Prime) has acquired the passenger vehicle finance portfolio of Ford Credit India (FCIPL), the Indian captive financing arm of Ford Motor Company. FCIPL has been operating in India since 2015. The acquisition gives Kotak Prime access to over 16,000 high-quality customers with a total loan outstanding of Rs 425 crore. FCIPL customers will transition to Kotak Prime in a planned manner over the next few months.
In September 2021, Kotak Mahindra Group had announced the acquisition of the vehicle financing loan portfolio of Volkswagen Finance, comprising passenger cars, two-wheelers and commercial vehicles.
Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.
