• India
  • Business
More

    Kotak Mahindra Bank acquires BSS Microfinance

    Must Read

    Eminent cardiologist Dr KK Aggarwal dies of Covid-19

    Padma Shri awardee and eminent cardiologist Dr KK Aggarwal has died of Covid-19. According to a statement...

    Petrol price crosses ₹99/lt in Mumbai

    Rising streak of fuel rates continued unabated for the tenth time in 15 days, making petrol costlier...

    Record 4,329 COVID-19 fatalities in India in single day

    India's COVID-19 death toll climbed to 2,78,719 with a record 4,329 fresh fatalities, while the single day...

    Kotak Mahindra Bank has announced to acquire 99.49 percent of equity shares of BSS Microfinance Private Limited (BSS), a Non Banking Finance Company. The Acquisition has been approved by the Board of Directors with consideration of Rs. 139.2 crore.

    BSS has a commercially established model in the microfinance segment. This Acquisition gives Kotak access to BSS’s growing customer base which currently stands at over 2,17,000 and network of 78 branches and also Kotak and the BSS team will leverage their combined experience to scale up the existing platform.

    President of kotak Mahindra Bank Mr.Narayan said that “Financial inclusion is one of the imperatives of our country, and this acquisition is a testimony of our commitment to cater to the needs of weaker sections of society in a commercially viable manner. The capabilities and processes required for this customer segment are unique, and cannot be created easily or organically in a short span. BSS is of the right size, culturally compatible with Kotak, and has proven its processes and value systems over a decade.”

    Kotak is renowned for its employee orientation and retention of talent. It appreciates the culture of BSS and capabilities of its employees, which will be leveraged for the next phase of growth.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    Eminent cardiologist Dr KK Aggarwal dies of Covid-19

    Padma Shri awardee and eminent cardiologist Dr KK Aggarwal has died of Covid-19. According to a statement...

    Petrol price crosses ₹99/lt in Mumbai

    Rising streak of fuel rates continued unabated for the tenth time in 15 days, making petrol costlier by Rs.2.45 a litre and...

    Record 4,329 COVID-19 fatalities in India in single day

    India's COVID-19 death toll climbed to 2,78,719 with a record 4,329 fresh fatalities, while the single day rise in coronavirus cases stood...

    Extremely severe cyclonic storm Tauktae weakens after crossing Gujarat coast

    Extremely severe cyclonic storm Tauktae has weakened into a 'very severe cyclonic storm' after hitting Gujarat coast. Tauktae has now crossed the...

    IAF airlifted cryogenic oxygen containers to Dubai

    The heavy lift transport fleet of IAF has been airlifting empty cryogenic oxygen tankers to their filling stations in India since 22...

    More Articles Like This

    - Advertisement -