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( As on 27/11/2024 10:15)

CCI okays Kotak Mahindra Bank's deal to acquire Stan Bank's personal loan portfolio

The Competition Commission of India (CCI) on Tuesday approved Kotak Mahindra Bank's proposed acquisition of Standard Chartered Bank India's personal loans portfolio for Rs 4,100 crore.

"The proposed combination is in the nature of an acquisition of the Target Business (unsecured personal loans portfolio) by Kotak Mahindra Bank Ltd (acquirer) from the Standard Chartered Bank, India Branch (Transferor)," CCI said in a release.

Kotak Mahindra Bank Ltd is a listed entity engaged in the business of providing a range of banking and financial services.