Kotak Bank arm acquires portfolio from exiting Ford's captive finance unit
A Kotak Mahindra Bank arm on Wednesday announced it has acquired the passenger vehicle finance portfolio of the exiting Ford Motor Company's captive lending platform for an undisclosed sum.
Kotak Mahindra Prime acquired Ford Credit India's loan portfolio of Rs 425 crore spread across 16,000 customers, an official statement said.
The deal comes three months after Kotak Mahindra Group's acquisition of the vehicle financing loan portfolio of Volkswagen Finance comprising passenger cars, two-wheelers and commercial vehicles.
Kotak Mahindra Prime's managing director Vyomesh Kapasi said the deal should be seen as illustrative of the company's aim to grow its vehicle financing business and have a strong presence in this space.
Ford Credit has been in business since 2015 and its customers will transition to Kotak Prime in a planned manner over the next few months, as per the statement.
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