Kotak Bk buys StanChart’s ₹4,100cr personal loan biz

Kotak Mahindra Bank is set to acquire Standard Chartered Bank’s Rs 4,100 crore personal loan portfolio, which primarily targets affluent customers. The deal aligns with Standard Chartered’s strategic shift to focus on wealth, affluent and SME segments, while continuing to invest in wealth & retail banking, and corporate & investment banking in India.
StanChart’s exit from personal loan business follows RBI’s advisories urging caution over unsecured loans and increasing risk weightage on specific segments. The move comes two years after MNC rival Citibank decided to exit its retail business in India, and sold it to Axis Bank.
“Our decision to divest the personal loan book aligns with the Bank’s focus to accelerate growth in the wealth, affluent and SME segments. India continues to be a key market for Standard Chartered network, with wealth & retail banking and corporate & investment banking as the cornerstones, and we will continue to invest and grow in India,” Aditya Mandloi, head (wealth & retail banking) at Stan dard Chartered Bank, said.
Earlier this month, StanChart had announced the retirement of Zarin Daruwala, CEO for India and South Asia, effective April 2025. Daruwala, who has been with the bank since 2016, played a pivotal role in expanding its presence in India. Last month, Sanjeev Mehta, managing director and head of transac tion banking sales for South Asia, also resigned after 17 years with the bank, with plans to start a greenfield venture. In a separate move, Standard Chartered sold its 3.09% stake in Protean eGov Technologies for Rs 225 crore in Aug, continuing a broader strategic reshuffling.
“India’s unsecured lending market offers significant growth potential for Kotak, especially in the higher-end segment. Our strong risk management, customer-centric products, and technology-driven approach position us for sustainable growth. This transaction supports our retail assets growth strategy and reinforces our commitment to retail lending,” said Ambuj Chandna, head (products), Kotak Bank.
With over 165 years in India, Standard Chartered remains one of the oldest foreign banks in the country, with 100 branches across 43 cities.

Source: TOI