Kotak Mahindra Bank: the group acquires the vehicle financing portfolio of Volkswagen Finance


Press release

Kotak Mahindra Group acquires Volkswagen Finance vehicle finance portfolio

Access to over 30,000 high quality customers

Bombay, 16 years olde September 2021: Kotak Mahindra Group (Kotak) and Volkswagen Finance Private Limited (VWFPL) today announced that Kotak has acquired the vehicle finance loan portfolio of VWFPL, the Indian captive finance arm of the Volkswagen Group. Kotak Mahindra Prime Limited (Kotak Prime) will acquire the passenger car and two-wheeler portfolio, and Kotak Mahindra Bank Limited (KMBL) will acquire the commercial vehicle portfolio from VWFPL.

With this acquisition, Kotak will have access to more than 30,000 high quality customers with a total outstanding loan with VWFPL of approximately 1,340 crore. All of these acquired loans are classified as “standard loans” according to the current guidelines of the Reserve Bank of India (RBI). In addition to “standard loans”, Kotak also acquired VWFPL’s portfolio of non-performing assets.

Dr. Kannan, Group Chairman – Commercial Banking, Kotak Mahindra Bank and Director of Kotak Mahindra Prime, said, “The strategic intention behind this acquisition is to further strengthen Kotak’s vehicle finance loan portfolio and expand our market share. VWFPL has been operating in the country since 2009 and during this period has built a strong portfolio of customers. The long-term growth prospects of the Indian automotive market are very attractive and this acquisition strengthens Kotak’s position as one of the leading players in automotive finance.

“I would also like to take this opportunity to welcome Volkswagen customers to the Kotak Group and assure them that they will experience a smooth transition and improved customer experience with access to a wide range of product offerings. , supported by exceptional service standards, ”Kannan added. .

Speaking on development, Aashish Deshpande, MD and CEO of Volkswagen Finance Pvt. Ltd. said, “The sale of our retail portfolio aligns with our new strategic direction towards a fine-tuned digital strategy through our subsidiary, the KUWY digital platform. It is a step towards the evolution of the customer journey in the digital space by providing an agile and agile solution for both our customers and our dealers, while effectively aligning itself to support the VW India 2.0 strategy. ”

About the Kotak Mahindra Group

Founded in 1985, Kotak Mahindra Group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the flagship company of the Group, received a banking license from the Reserve Bank of India (RBI), becoming the first non-bank finance company in India to transform into a bank – Kotak Mahindra Bank Ltd (KMBL).

Kotak Mahindra Group (Group) offers a wide range of financial services that encompass all spheres of life. From commercial banking to the stock market, including mutual funds, life insurance and general insurance and investment banking, the Group meets the various financial needs of individuals and the corporate sector. The premise of Kotak Mahindra Group’s business model is Concentrated India, Diversified Financial Services. The bold vision underlying the Group’s growth is inclusive, with a multitude of products and services designed to meet the needs of unbanked and insufficiently banked people.

Kotak Mahindra Group has a global presence through its subsidiaries in UK, US, Gulf region, Singapore and Mauritius with offices in London, New York, Dubai, Abu Dhabi, Singapore and Mauritius respectively. Like the 30e As of June 2021, Kotak Mahindra Bank Ltd has a nationwide presence of 1,612 branches and 2,591 ATMs, as well as branches in GIFT City and DIFC (Dubai).

For more information, please visit the company’s website at https://www.kotak.com

About Kotak Mahindra Prime Limited

Kotak Mahindra Prime Limited (KMPL) is a subsidiary of Kotak Mahindra Bank Limited and deals with the financing of all passenger vehicles and two-wheelers. KMPL has been the leading auto finance company in India since 1996 and started financing two-wheelers since 2018. The company is dedicated to loan finance for dealers and individuals. The company offers financing for the entire range of passenger cars, multi-utility vehicles, used cars and two-wheelers. The company also offers inventory financing and term loans to car and motorcycle dealers. She is also active in retail personal loans, developer finance and business loans. KMPL has privileged financial relationships with various manufacturers in India and has a retail distribution network comprising 115 branches in 21 states and union territories of the country.

For more information, please visit the company’s website at https://primeloans.kotak.com.

About Kotak Mahindra Bank Limited

Founded in 1985, Kotak Mahindra Group is one of India’s leading financial services conglomerates. In February 2003, Kotak Mahindra Finance Ltd. (KMFL), the flagship company of the Group, received a banking license from the Reserve Bank of India (RBI), becoming the first non-bank finance company in India to transform into a bank – Kotak Mahindra Bank Ltd.

The Bank has four strategic business units – Consumer Banking, Corporate Banking, Commercial Banking and Treasury, which cater to individuals and businesses across urban and rural India. The premise of Kotak Mahindra Group’s business model is Concentrated India, Diversified Financial Services. The bold vision underlying the Group’s growth is inclusive, with a multitude of products and services designed to meet the needs of unbanked and insufficiently banked people. Like the 30e As of June 2021, Kotak Mahindra Bank Ltd has a nationwide presence of 1,612 branches and 2,591 ATMs, as well as branches in GIFT City and DIFC (Dubai).

For more information, please visit the company’s website at https://www.kotak.com.

About Volkswagen Finance Private Ltd:

Volkswagen Finance Private Limited (“VWFPL”), incorporated in 2009 and based in Mumbai, is owned by Volkswagen Financial Services AG, Germany. Volkswagen Financial Services (‘VWFS’) AG is a 100% subsidiary of Volkswagen AG and is headquartered in Braunschweig, Germany. Volkswagen Financial Services is a business division of the Volkswagen AG group of companies and includes Volkswagen Financial Services AG and its associates

companies, Volkswagen Bank GmbH, Porsche Financial Services and financial services companies in the United States and Canada that are directly or indirectly owned by Volkswagen AG – with the exception of Scania brand financial services and Porsche Holding Salzburg. The main areas of activity encompass dealer and customer financing, leasing, banking and insurance activities, fleet management and mobility offers. Volkswagen Financial Services has a total of 16,558 employees worldwide, including 7,472 in Germany alone. Volkswagen Financial Services has total assets of around 225.6 billion euros, operating income of 2.8 billion euros and a portfolio of around 21.9 million contracts in progress (as of 12.31.2020 ).

For more information, please contact:

Phiroza choksi

Sakshi denis

Rakesh sharma

Himadri Buch

Kotak Mahindra Group

Kotak Mahindra Group

Fortuna PR

Fortuna PR

Mobile: +91 98203 63681

Mobile: +91 70454 74287

Mobile: +91 98335 37679

Mobile: +91 98203 46715

[email protected]

[email protected]

[email protected]

[email protected]

Pavas Arya

Volkswagen Finance Private Limited

Mobile: +91 7506076153

[email protected]

Disclaimer

Kotak Mahindra Bank Limited published this content on September 16, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 16, 2021 01:41:05 PM UTC.


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