December 2016 Current Affairs

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Kotak Mahindra Bank acquires BSS Microfinance

Kotak Mahindra Bank acquires BSS Microfinance
04 October 2016 Current Affairs: Kotak Mahindra Bank, the country’s fourth largest private sector lender, has acquired BSS Microfinance in an all-cash deal for Rs 139.2 crore.

The bank said with this, it has entered the microfinance space that has been growing at a rapid pace. This acquisition will allow Kotak to tap the lower end of the customer base and will also help the bank in meeting the priority sector lending (PSL) targets, as BSS’ loans book qualifies for PSL.

At the end of the quarter ended June, BSS had microfinance loans of Rs 483 crore in its books and had a net worth of Rs 73 crore. In FY16, BSS had made net profit of Rs 14 crore. The lender has managed to keep its bad loans in check. As of now, BSS has a presence in Karnataka, Maharashtra and Madhya Pradesh. However, after the acquisition, the bank plans to expand the geographical presence.

Private banks have increasingly started looking at microfinance companies as acquisition targets. Recently, IDFC Bank also bought over South India-based lender Grama Vidiyal Microfinance for an undisclosed amount and made it a subsidiary.



This comes at a time when the microfinance industry is believed to have had grown at 60 per cent last financial year.

Prior to this, in 2014, Kotak Mahindra Bank had acquired Bengalaru-headquartered ING Vysya Bank in an all-stock deal.

Kotak Mahindra and associates are significant shareholders in Business Standard Private Limited.


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
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26 NOV
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25 NOV
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24 NOV
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October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
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September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
NEWS
26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
NEWS
27 AUG
NEWS
26 AUG
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25 AUG
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