KOTAK acquires Standard Chartered Personal Loan business portfolio...

[RAMESH BABU N]

KOTAK acquires STANCHART's Personal credit portfolio for 4100Cr.

News of 18/10/2024.

Will it also cover STANCHART's Credit Cards ?

Details awaited....

 

[SonyTom]

Interesting news .

 

[Tazact]

Too good to be true 👍
Another migration awaiting .

 

[vine]

People with Standard chartered cc, thinking like.. from burning stove to frying pan.

 

[Aniket]

Waise bhi SC ka service kaunsa acha tha?🤣

Citibank hone ke baad miss bhi kare...

Lagta hai dhere dhere sab foreign bank bhaag na jaye...

 

[RAMESH BABU N]

Guys,

Do not jump the gun.

Yet to get full details. As of now, we do not know whether CC business is included or not, in that acquisition.

So, hold your horses.

 

[tachniki]

Looks like only personal loan portfolio.

 

[RAMESH BABU N]

That's what Kotak said to the Stock Exchanges late in the evening.

Operative details n procedural details are yet to be made available.

 

[Aniket]

Guys,

Do not jump the gun.

Yet to get full details. As of now, we do not know whether CC business is included or not, in that acquisition.

So, hold your horses.

News mein "to buy" likha hai, aap acquires likh hain😐

 

[RAMESH BABU N]

Newsguys are mostly non-technical guys. For them, most of these terms are interchangeable - depending on the physical space availability in their headlines. We have seen many goofups till date. They get confused.

Buy, purchase, acquire, takeover, management control, operational control, logistics support, tie-ups.... May mean the same to them.

Similarly, lease, rent, mortgage, loan, pledge, hypothecation, lien, charge....

 

[BVCBVC is verified member.]

Kotak Mahindra Bank to buy Standard Chartered's Rs 4,100 crore personal loan book

Kotak Mahindra Bank Limited has agreed to acquire Standard Chartered Bank India's personal loan book, comprising loans worth approximately Rs 4,100 crore. This strategic move aims to bolster Kotaks presence in the retail lending market, focusing on customer-centric growth and high-quality loans.

economictimes.indiatimes.com

Seems credit cards business not included as per article. They have to give full clarity.

 

[RAMESH BABU N]

It is NOT like going out and buying a toothpaste or a toilet soap.

Acquisition involves a lot of complicated clearances n approvals from various Govt n supervisory agencies, legal hurdles, labour issues, approvals from shareholders n other stakeholders.... Etc., etc., etc.,

So, it is a long drawn process. For ex, integration of Citi's business into Axis. Can you give only 1 date for that process ?

 

[Aniket]

Newsguys are mostly non-technical guys. For them, most of these terms are interchangeable - depending on the physical space availability in their headlines. We have seen many goofups till date. They get confused.

Buy, purchase, acquire, takeover, management control, operational control, logistics support, tie-ups.... May mean the same to them.

Similarly, lease, rent, mortgage, loan, pledge, hypothecation, lien, charge....

No offense, but you’re not getting my POV. ‘To buy’ indicates that Kotak hasn’t purchased it yet but is going to buy it at a future date, whereas ‘acquires’ represents the present tense.

 

[RAMESH BABU N]

No offense, but you’re not getting my POV. ‘To buy’ indicates that Kotak hasn’t purchased it yet but is going to buy it at a future date, whereas ‘acquires’ represents the present tense.

Read my post # 8.

 

[akshayhs]

In a totally unrelated news (even though it's same bank), they dropped 50bps on saving account interest rates. So this is one more newsworthy update about Kotak for the day.

 

[Aniket]

In a totally unrelated news (even though it's same bank), they dropped 50bps on saving account interest rates. So this is one more newsworthy update about Kotak for the day.

3 lake toh IDFC ke equal kar diya, atleast IDFC monthly deta hai, wo acha hai 🙂

W.e.f Oct 17,2024, daily balances in Savings Account up to Rs. 5 lakhs will earn 3% interest p.a. Daily balances above Rs. 5 lakhs and up to Rs. 50 lakhs; and above Rs. 50 lakhs will continue to earn 3.50% and 4% interest p.a. respectively. These interest rates are applicable for Resident Accounts only.W.e.f Oct 17,2024, for Non Resident (NRE/ NRO), balances up to Rs. 5 lakhs will earn 3% interest p.a. and balances above Rs. 5 lakhs will continue to earn 3.50% p.a.

 

[SSV]

People with Standard chartered cc, thinking like.. from burning stove to frying pan.

This is only for personal loans , nothing to do with credit card business.
I read somewhere, Kotak has some specialist team to recover bad debt / stressed debt collection.
So , it is just a business as usual for them, nothing to do with credit card business of Stan C..

The keyword here is, the transaction includes only “ Standard loans” as per RBI definition..:
So it won’t be CC business…