On July 8, Kotak Mahindra Bank announced that it had acquired the agricultural and healthcare equipment financing portfolio of De Lage Landen Financial Services India Private Limited (DLL India), a subsidiary of De Lage Landen International BV, owned by Rabobank.

The business of the acquired portfolio will be transferred to Kotak Mahindra Bank as planned in the coming months, the companies said in an exchange filing, adding that until completion, the portfolio will continue to be managed by DLL India.

With this acquisition, Kotak will access over 25,000 prime customers with a standard loan amount of around Rs 582 crore. Notably, from the traditional loan portfolio, Kotak Mahindra Bank has also acquired a non-performing asset portfolio with total outstanding loans of around Rs 69 crore.

D Kannan, Group President, Commercial Banking, Kotak Mahindra Bank, said: “DLL India has been present in the country since 2013 and has built a strong client portfolio. The acquisition of DLL India’s agricultural and healthcare equipment portfolio by Kotak Mahindra Bank reaffirms our Continued commitment “to build a strong presence in this space, allowing us to reach a high-quality customer base. We welcome DLL India customers to Kotak Bank and assure them they will experience a seamless transition and an enhanced customer experience.”

KPMG acted as exclusive financial advisor to DLL India shareholders in the portfolio sale to Kotak Mahindra Bank.