The Hindu Business Line : Kotak Mahindra arm buys Ford Credit's auto portfolio

KOTAK Mahindra Bank announced that Kotak Mahindra Prime Ltd (Kotak Prime), a subsidiary of the bank, has acquired the entire retail auto finance portfolio from Ford Credit Kotak Mahindra Private Ltd (Ford Credit India).

Ford Credit India is a wholly-owned subsidiary of Ford Credit International.

Following the acquisition, Kotak Prime will finance retail purchases of Ford as well as other cars, said a press release from the bank.

The release quoted Mr Dipak Gupta, Director, Kotak Prime, as saying, "Kotak Mahindra Group is committed to continue building its car finance franchise and maintaining its position as a significant player in the segment, consistent with its philosophy of building one of India's leading financial institution."

More Stories on : Mergers & Acquisitions | Consumer Finance | NBFCs | Cars

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