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.”