Kotak Mahindra Group acquires vehicle financing portfolio of Volkswagen Finance [Sep 16, 2021]
Kotak Mahindra Group and Volkswagen Finance Private Limited announced that Kotak has acquired the vehicle financing loan portfolio of VWFPL, the Indian captive financing arm of Volkswagen Group.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.
Kotak Mahindra Prime Limited (Kotak Prime) will acquire the passenger cars and two-wheelers portfolio, and Kotak Mahindra Bank Limited (KMBL) will acquire the commercial vehicles portfolio of VWFPL.
"The strategic intent behind this acquisition is to further strengthen Kotak’s vehicle financing loan portfolio and expand our market share,” said D Kannan, Group President – Commercial Banking, Kotak Mahindra Bank and Director of Kotak Mahindra Prime