Kotak Group buys out Volkswagen Finance's vehicle loan portfolio

kotak mahindra, kotak, volkswagen finance, kotak mahindra group, volkswagen

Kotak Mahindra Group has acquired the vehicle financing loan portfolio of Volkswagen Finance Private Limited, 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 Volkswagen Finance.

“The strategic intent behind this acquisition is to further strengthen Kotak’s vehicle financing loan portfolio and expand our market share,” said D Kannan, Group President – Commercial Banking, Kotak Mahindra Bank. “The long-term growth prospects of the Indian vehicle market are very attractive and this acquisition reinforces Kotak’s standing as one of the leading vehicle financing players.”

With this acquisition, Kotak is expected to gain access to over 30,000 high-quality customers with a total loan outstanding of around Rs 1,340 crore. All these acquired loans are classified as “Standard Loans” as per the current Reserve Bank of India guidelines. In addition to the standard loans, Kotak has also acquired the Non-Performing Assets portfolio of Volkswagen Finance.

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Stock score of Kotak Mahindra Bank Ltd moved up by 1 in a month on a 10-point scale.

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“The sale of our retail portfolio aligns to our new strategic focus towards a refined digital strategy through our subsidiary, the digital platform KUWY,” Aashish Deshpande, MD, Volkswagen Finance.

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