Kotak Mahindra Prime, a subsidiary of Kotak Mahindra Bank, has acquired the passenger vehicle finance portfolio of Ford Credit India, the Indian captive financing arm of Ford Motor Company, which has been operating in India since 2015.
The acquisition gives Kotak Prime access to over 16,000 customers with a total loan outstanding of Rs 425 crore. 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.