Kotak Mahindra Bank Ltd.

Kotak Mahindra Group (Kotak) has acquired the vehicle financing loan portfolio of Volkswagen Finance (VWFPL), the Indian captive financing arm of Volkswagen Group. Kotak Mahindra Prime will acquire the passenger cars and two-wheelers portfolio, and Kotak Mahindra Bank will acquire the commercial vehicles portfolio of VWFPL.

With this acquisition, Kotak will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around Rs 1,340 crore. All these acquired loans are classified as ‘Standard Loans’ as per the current Reserve Bank of India (RBI) guidelines. In addition to the ‘Standard Loans’, Kotak has also acquired the Non-Performing Assets portfolio of VWFPL.

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.