Kotak group cos to buy VW's entire finance portfolio

© Provided by The Times of India

Mumbai: Kotak Mahindra Group entities have agreed to purchase the entire portfolio of Volkswagen Finance in India. While Kotak Mahindra Prime will acquire the passenger cars and two-wheelers portfolios, Kotak Mahindra Bank will acquire the commercial vehicles portfolio of Volkswagen Finance.

With this acquisition, Kotak will get over 30,000 accounts with a total loan outstanding with Volkswagen Finance of around Rs 1,340 crore. All these acquired loans are classified as ‘standard loans’ according to RBI guidelines, which means they do not include non-performing assets (NPAs). In addition to the ‘standard loans’, Kotak has also acquired the NPA (non-performing assets) portfolio of Volkswagen Finance.

D Kannan, group president (commercial banking) at Kotak Mahindra Bank & director of Kotak Mahindra Prime, said, “The strategic intent behind this acquisition is to further strengthen Kotak’s vehicle financing loan portfolio and expand our market share.”

Volkswagen Finance has been operating in the country since 2009. Volkswagen Finance MD & CEO Aashish Deshpande said, “The sale of our retail portfolio aligns with our new strategic focus towards a refined digital strategy through our subsidiary, the digital platform Kuwy. It is a step towards the evolution of the customer journey in the digital space by offering a simplified and agile solution to both our customers and dealerships, while aligning effectively to support the VW India 2.0 strategy.”

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