Kotak buys Barclays India biz loan books

Kotak Mahindra Bank today acquired Barclays India's business loans portfolio or SME lending business worth about Rs 700 crore for an undisclosed amount.

"The acquisition is in line with Kotak Bank's strategy to add value to its existing business lines as it strengthens its business loans portfolio. It is also part of the company's broader strategy of adopting inorganic growth routes," Kotak Mahindra Bank Group strategy head Paul Parambi said. However, he did not disclose the deal size citing confidentiality with the British lender, which also refused to comment.

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