Kotak bank acquires agriculture, healthcare finance portfolio from DLL India subsidiary

Private sector lender Kotak Mahindra Bank on Friday said it has acquired agriculture and healthcare equipment financing portfolio of the Indian subsidiary of global asset finance company De Lage Landen International BV (DLL). With this, the bank has secured 25,000 customers with a total credit outstanding of around Rs 582 crore.

The bank has also received an outstanding non-performing assets portfolio of around Rs 69 crore. Launched in September 2021, the bank’s healthcare finance division provides funds of up to Rs 10 crore to hospitals, laboratories, diagnostic centres, nursing homes and clinics. It also finances tractor purchases, crop loans, working capital loans for SMEs.

“Kotak Mahindra Bank’s acquisition of DLL India’s agri and healthcare equipment portfolio reiterates our continued commitment towards a strong presence in this space and gives us access to a high-quality customer base,” D Kannan, group president of commercial banking, Kotak Mahindra Bank, said.

The transfer of the agri and healthcare finance portfolio will take place in a phased manner over the next few months and DLL India will continue to manage the operations till then. DLL Group, a subsidiary of Rabobank, provides vendor finance in agriculture, food, healthcare, clean technology, construction, transportation and industrial sectors.

KPMG acted as the exclusive financial advisor to the shareholders of DLL India for this transaction of portfolio sale to Kotak Mahindra Bank.

from "Banking & Finance News: Banking & Finance News Today, Indian Banking & Finance News, World Banking & Finance News Today - The Financial Express " | The Financial Express https://ift.tt/5AsI4JG