The private sector lender, Kotak Mahindra Bank has acquired business loan portfolio aggregating Rs 700 crore from Barclays (India Branch) and Barclays Investment and Loan (India) Ltd.
With the acquisition, Kotak Mahindra bank will now have access to around 6000 business loan customers from foreign bank, said Mr. Paul Parambi, Head (Group Strategy), Kotak Mahindra bank.
The bank official, however, did not disclose the financial details of the acquisition.
Kotak Mahindra Bank had last year bought a part of the Barclays' local credit-card portfolio.
According to Mr. 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 decreasing its operations in India over the past couple of years.