INSUBCONTINENT EXCLUSIVE:
Kotak has also acquired the non-performing assets or NPAs portfolio of VWFPL.New Delhi:Kotak Mahindra Group and Volkswagen Finance Private
Limited (VWFPL) on Thursday announced that Kotak has acquired the vehicle financing loan portfolio of VWFPL
VWFPL is the Indian captive financing arm of Volkswagen Group
(KMBL) will acquire the commercial vehicles portfolio of VWFPL, both the companies stated in joint notification to the exchanges.With this
deal, Kotak said it will get access to over 30,000 customers with a total loan outstanding with VWFPL of around Rs 1,340 crore.The acquired
loans are classified as "Standard Loans" as per the Reserve Bank of India (RBI) guidelines
Kotak Mahindra Bank and Director of Kotak Mahindra Prime said, "VWFPL has been operating in the country since 2009 and during this time has
built a strong customer portfolio
The long-term growth prospects of the Indian vehicle market are very attractive and this acquisition reinforces Kotak's standing as one of
our new strategic focus towards a refined digital strategy through our subsidiary, the digital platform KUWY
It is a step towards the evolution of the customer journey in the digital space by offering a simplified and agile solution to both our
financial services conglomerates.
