The loans KMBL is acquiring are classified as standard assets. This move, the bank said, aligns with its strategy to drive growth, expand market share, and tap into the affluent salaried customer segment.
This deal marks the second significant transaction between an Indian private sector bank and a foreign bank in recent years.
In 2022, Axis Bank, India's third-largest private lender, acquired Citi India's consumer and wealth management business.
"The transaction is expected to be completed over the next three months, subject to regulatory and other approvals and the satisfaction or waiver of customary closing conditions, and KMBL will acquire the loan book which will be outstanding closer to the completion date," Kotak Mahindra Bank said in a press release.
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