M&A

M&A

Kotak Mahindra Group acquires vehicle financing portfolio of Volkswagen Finance

MoneyControl  

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 Limited (Kotak Prime) will acquire the passenger cars and two-wheelers portfolio, and Kotak Mahindra Bank Limited (KMBL) will acquire the commercial vehicles portfolio of VWFPL. With this acquisition, Kotak will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around Rs 1,340 crore. Kotak has also acquired the Non-Performing Assets portfolio of VWFPL.