Kotak Prime buys retail biz of Ford Credit India

Kotak Mahindra Prime (Kotak Prime), a subsidiary of Kotak Mahindra Bank, has acquired the entire retail auto finance portfolio from Ford Credit Kotak Mahindra (Ford Credit India).

According to a release issued by Kotak Mahindra Bank to the BSE today, Ford Credit India is a wholly-owned subsidiary of Ford Credit International.

"Following the acquisition, Kotak Prime will finance retail purchases of Ford as well as non-Ford cars," the release added.

Dipak Gupta, director of Kotak Prime, said: "The 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. We continue to maintain excellent relations with Ford Credit International."