Kotak Mahindra Prime acquires Passenger Vehicle Financing Portfolio of Ford Credit

Kotak Mahindra Prime Limited (Kotak Prime), a subsidiary of Kotak Mahindra Bank Limited, today announced that it has acquired the passenger vehicle finance portfolio of Ford Credit India Private Limited (FCIPL), the Indian captive financing arm of Ford Motor Company. FCIPL has been operating in India since 2015.

The acquisition gives Kotak Prime access to over 16,000 high-quality customers with a total loan outstanding of ₹ 425 crore. FCIPL customers will transition to Kotak Prime in a planned manner over the next few months.

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 have a strong presence in this space. We would like to welcome Ford customers to Kotak Group and look forward to supporting their future financing needs with Kotak's wide suite of product offerings."

In September 2021, Kotak Mahindra Group had announced the acquisition of the vehicle financing loan portfolio of Volkswagen Finance Private Limited, comprising passenger cars, two-wheelers and commercial vehicles.

Shares of Kotak Mahindra Bank Limited was last trading in BSE at Rs. 1763.10 as compared to the previous close of Rs. 1736.75. The total number of shares traded during the day was 72083 in over 7552 trades.

The stock hit an intraday high of Rs. 1770.15 and intraday low of 1733.15. The net turnover during the day was Rs. 126103132.00.

Source : Equity Bulls

Keywords

KotakMahindraBank INE237A01028 KOTAKBANK Acquisition PassengerVehicleFinancePortfolio FordCredit