CCI approves Kotak Mahindra Bank’s proposal to buy Standard Chartered’s ₹4,100 crore personal loan book | Company Business News

The Competition Commission of India (CCI) on Tuesday, November 26, approved private lender Kotak Mahindra Bank’s proposal to secure Standard Chartered Ltd’s personal loan book worth ₹4,100 crore. The CCI announced in an official statement that it has approved the “proposed combination involving the acquisition of a standard unsecured personal loans portfolio of Standard Chartered Bank, India Branch by Kotak Mahindra Bank Limited.”

According to India’s antitrust regulator’s statement, “The proposed combination is in the nature of an acquisition of the target business by Kotak Mahindra Bank Limited (Acquirer) from the Standard Chartered Bank, India Branch (Transferor) (Proposed Combination).”

“The Acquirer is a public limited company, with its equity share capital listed on BSE Limited and National Stock Exchange of India Limited. The Acquirer is registered with the Reserve Bank of India (RBI) as a banking company and is engaged in providing a range of banking and financial services, including retail banking, wholesale banking, and treasury operations through various branches in India. The Target Business comprises of unsecured personal loans advanced to various individual borrowers in India,” said CCI in its statement.