Competition Commission of India has approved the proposed combination involving the acquisition of standard unsecured personal loans portfolio of Standard Chartered Bank, India Branch by Kotak Mahindra Bank Limited.

The proposed combination is in the nature of an acquisition of the Target Business by Kotak Mahindra Bank Limited (Acquirer) from the Standard Chartered Bank, India Branch (Transferor) (Proposed Combination).

The Acquirer is a public limited company, with its equity share capital listed on BSE Limited and National Stock Exchange of India Limited. The Acquirer is registered with the Reserve Bank of India as a banking company and is engaged in the business of providing a range of banking and financial services including retail banking, wholesale banking and treasury operations through various branches in India.

The Target Business comprises of unsecured personal loans advanced to various individual borrowers in India.

Detailed order of the Commission will follow.

Acquisition of unsecured personal loans portfolio cleared, allowing Kotak Mahindra Bank to acquire Standard Chartered India's retail loan book. Approval was granted for the proposed combination under which Kotak Mahindra Bank Limited will acquire the standard unsecured personal loans portfolio of Standard Chartered Bank, India Branch. The transaction is an acquisition of the Target Business comprising unsecured personal loans to individual borrowers in India. Kotak Mahindra Bank is a publicly listed banking company registered with the Reserve Bank of India engaged in retail, wholesale and treasury banking. A detailed order of the Commission will follow.