Kotak Mahindra Bank acquires agri & healthcare equipment financing portfolio

8 Jul 2022 , 03:49 PM

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. With this acquisition, Kotak will gain access to over 25,000 high-quality customers with a total standard loan outstanding of around Rs 582 crore (equivalent to Euro 69.8 million). In addition to the standard loans portfolio, Kotak has also acquired the non-performing assets portfolio with a total loan outstanding of around Rs 69 crore (equivalent to Euro 8.3 million). D Kannan, group president of commercial banking at Kotak Mahindra Bank said, DLL India has been operating in the country since 2013 and has built a strong customer portfolio. Kotak Mahindra Banks acquisition of DLL Indias 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 of 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. Kotak Mahindra Bank said that KPMG acted as the exclusive financial advisors to the shareholders of DLL India for the transaction of portfolio sale to the bank. DLL is a global asset finance company for equipment and technology with a managed portfolio of over Euro 35 billion. Kotak Mahindra Bank is a full-service commercial bank. As on 31 March 2021, Kotak Mahindra Bank has a national footprint of 1,700 branches and 2,705 ATMs and branches in Gujarat International Finance Tec-City (GIFT) and DIFC (Dubai). The private sector bank reported a 64.4% jump in standalone net profit to Rs 2767.40 crore on 11.8% rise in total income to Rs 8,892.26 crore in Q4 FY22 over Q4 FY21. Shares of Kotak Mahindra Bank rose 0.42% at Rs 1,746.50 on the BSE. Powered by Capital Market – Live News