Kotak Mahindra Acquires Barclay Bank's Credit Card Portfolio
Kotak Mahindra has acquired Barclays Bank's non performing credit card portfolio in India for around R250-300Cr, according to ET. The portoflio comprises of nearly 200,000 cards.
Kotak Mahindra's in-house asset reconstruction team will be responsible for recovering the dues from these accounts.
Last month, Standard Chartered Bank bought the performing portfolio of Barclays' credit cards business in India. Barclays has decided to exit retail assets business in India and is also looking for buyers for its R3,000Cr retail loan portfolio.
The transaction was the second buy-out in the credit card space following IndusInd Bank's acquisition of Deutsche Bank's credit cards business earlier in 2011. IndusInd Bank bought 200,000 cards portfolio from Deutsche Bank including the foreign lender's operating platform, technology, and staff.
The transaction was the second buy-out in the credit card space following IndusInd Bank's acquisition of Deutsche Bank's credit cards business earlier in 2011.
This comes just a day after Kotak Mahiindra announced that it is looking for acquisitions in India for expansion. Founded in 1985, Mumbai based Kotak Mahindra Bank offers banking and financial services to individuals and corporate clients in India.
In 2004, Warburg Pincus picked up 2.75% stake for R75Cr through its two entities - Madison and Melany Holdings. In 2005, it bought additional 2% stake at Rs.385 a share. It then raised its stake more than 9% by buying additional stake in various tranches.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 01/02/12 | Barclays Bank - Credit Card Portfolio - Kotak Mahindra | M&A | Kotak Mahindra Bank Limited | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 11/05/12 | M&A | Warburg Pincus International | Future Capital Holdings Limited (Co.) | - | Planned |
| 08/05/12 | M&A | AEGON | Aegon Religare Life Insurance Company Limited | - | Rumor |
| 08/05/12 | M&A | HCL Group | DLF Pramerica Life Insurance Company Limited | - | Planned |
| 02/05/12 | Private Equity | International Finance Corporation | MAS Financial Services Limited | 12.00 | Planned |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Barclays Bank Plc | ||||
| Kotak Mahindra Bank Limited | Uday Suresh Kotak | 36-38A, Nariman Bhavan, 227, D, Nariman Point |
Yes Bank Limited Standard Chartered Bank State Bank of India HDFC Bank Limited |
www.kotak.com |
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