Feb 5 Private sector lender Kotak Mahindra Bank
Ltd said on Tuesday it acquired the business loans
portfolio of the Indian arm of Barclays Plc.
With this acquisition, Kotak will have 6000 customers with
total loans outstanding of about 7 billion rupees ($131.44
million), Kotak said.
In December 2011, Barclays had said it would stop making
retail loans as part of its new strategy to focus only on wealth
management and corporate and investment banking operations in
Foreign banks in India face stiff competition from local
rivals such as top lender State Bank of India and No. 2
ICICI Bank Ltd, and have managed to capture only a
small share of the country's retail banking business.