Kotak Mahindra Bank (KMBL) announced that it has acquired the Agri and Healthcare Equipment financing portfolio of De Lage Landen Financial Services India Private Limited (DLL India), a subsidiary of De Lage Landen International B.V., owned by Rabobank.
The operations of DLL India Acquired Portfolio will be transitioned to Kotak Mahindra Bank in a planned manner over the next few months. Until the transition, the portfolio will continue to be managed by DLL India, the statement said.
With this acquisition, Kotak will gain access to over 25,000 high-quality customers with a total standard loan outstanding of around ₹ 582 Cr (equivalent to € 69.8 Mn). In addition to the standard loans portfolio, Kotak has also acquired the Non-Performing Assets portfolio with a total loan outstanding of around ₹ 69 Cr (equivalent to € 8.3 Mn).
D Kannan, Group President – Commercial Banking, Kotak Mahindra Bank said, “DLL India has been operating in the country since 2013 and has built a strong customer portfolio. Kotak Mahindra Bank’s acquisition of DLL India’s Agri and Healthcare Equipment portfolio reiterates our continued commitment towards a strong presence in this space and gives us access to a high-quality customer base. We welcome DLL India customers to Kotak Bank and assure them that they will experience a seamless transition and enhanced customer experience.”
Abhishek Mudgal, Country Manager, DLL India said, “In the last 9 years of our operations in India, with our proficient services of global standards, we were able to establish an excellent quality customer base in India. We are immensely glad that we are transferring our outstanding portfolio and customer base in India in the capable and experienced hands of Kotak Mahindra Bank, who we believe will fully support our philosophy of delivering sustainable financial solutions and high-quality services to the customers. We also wish to take this opportunity to express our sincere gratitude to our customers and vendor partners for their trust and support reposed in us over the years.”
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