India, Sept. 16 -- Kotak Mahindra Group (Kotak) and Volkswagen Finance (VWFPL) today announced that Kotak has acquired the vehicle financing loan portfolio of VWFPL, the Indian captive financing arm of Volkswagen Group.
Kotak Mahindra Prime (Kotak Prime) will acquire the passenger cars and two-wheelers portfolio, and Kotak Mahindra Bank (KMBL) will acquire the commercial vehicles portfolio of VWFPL.
With this acquisition, Kotak will gain access to over 30,000 high-quality customers with a total loan outstanding with VWFPL of around Rs 1,340 crore. All these acquired loans are classified as "Standard Loans" as per the current Reserve Bank of India (RBI) guidelines. In addition to the "Standard Loans", Kotak has also acquired the Non-Perfor...