Kotak Prime Buys Retail Auto Finance Unit from Ford Credit

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00014383-kotak-prime-buys-retail-auto-finance-unit/

Kotak Mahindra Bank Ltd today said its subsidiary Kotak Mahindra Prime Ltd (KMP) has acquired the entire retail auto finance portfolio from Ford Credit Kotak Mahindra Pvt Ltd.

Subsequent to this acquisition, KMP would finance retail purchases of Ford as well as non Ford cars, the company informed the Bombay Stock Exchange.

Ford Credit Kotak Mahindra Pvt Ltd is a wholly owned subsidiary of Ford Credit International, it added.

“Kotak Mahindra Group is committed to continue building its car finance franchise and maintaining its position as a significant player in the segment, consistent with its philosophy of building one of India’s leading financial institution,” Director Kotak Prime Dipak Gupta said.