Kotak Prime acquires passenger vehicle financing portfolio of Ford Credit
By Leandra Monteiro
Kotak Mahindra Prime Limited, a subsidiary of Kotak Mahindra Bank Limited, announced that it has acquired the passenger vehicle finance portfolio of Ford Credit India Private Limited (FCIPL), the Indian captive financing arm of Ford Motor Company. FCIPL has been operating in India since 2015.
The acquisition gives the company access to over 16,000 high-quality customers with a total loan outstanding of INR 4.25 billion. FCIPL customers will transition to Kotak Prime in a planned manner over the next few months.
Vyomesh Kapasi, Managing Director, Kotak Mahindra Prime said, “The acquisition of Ford Credit’s loan portfolio further reiterates our continued commitment to grow our vehicle financing business and have a strong presence in this space. We would like to welcome Ford customers to Kotak Group and look forward to supporting their future financing needs with Kotak’s wide suite of product offerings.”
In September 2021, Kotak Mahindra Group had announced the acquisition of the vehicle financing loan portfolio of Volkswagen Finance Private Limited, comprising passenger cars, two-wheelers and commercial vehicles.
Kotak Mahindra Prime Limited (KMPL) is a subsidiary of Kotak Mahindra Bank Limited and is in the business of financing all passenger vehicles & two-wheelers. KMPL is India’s leading car finance company since 1996 and started financing two-wheelers since 2018.
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