Comments
Kotak Mahindra Prime, a subsidiary of Kotak Mahindra Bank, on Wednesday announced that it has acquired the passenger vehicle finance portfolio of Ford Credit India (FCIPL).
“The acquisition gives Kotak Prime access to over 16,000 high-quality customers with a total loan outstanding of ₹425 crore,” it said in a statement.
FCIPL customers will transition to Kotak Prime in a planned manner over the next few months, it added.
FCIPL is the Indian captive financing arm of Ford Motor Company and has been operating in the country since 2015.
Vyomesh Kapasi, Managing Director, Kotak Mahindra Prime, said, “The acquisition of Ford Credit’s loan portfolio further reiterates our continued commitment to grow our vehicle financing business and having a strong presence in this space.”
This is the second such acquisition by Kotak Mahindra Prime in recent months after its September 2021 acquisition of the vehicle financing loan portfolio of Volkswagen Finance.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.