Paul Parambi, head of group strategy, Kotak Mahindra Bank.talks about the deal.
Also read: Kotak Mahindra Bank buys biz loans book of Barclays India
Below is the edited transcript of his interview to CNBC-TV18.
Q: What price have you paid to Barclays? There is an expectation that perhaps this is at a discount, that some of the loans are not secured?
A: I cannot disclose the price at which we have bought this portfolio, but we are very happy with the valuation that we have got because in any acquisition that we make, we are extremely value conscious and we believe that this acquisition creates value.
Q: You are pretty much hinting and saying that you did get a discount for this loan book?
A: No, we are happy because we got 6000 performing loans and at a price which we believe makes sense. We believe we can do a lot more with these customers.
Q: These also include unsecured loans?
A: This is an unsecured loan portfolio.
Q: Can you tell us out of the Rs 700 crore outstanding approximately how much would be unsecured?
A: The entire portfolio is unsecured.
Q: Can you tell us a little bit about the characteristics of the loans? Are they small and medium enterprises (SME) loans, retail loans?
A: These are all SME loans; therefore these are given to small businesses. These are short-term loans in nature and not concentrated in one place or the other. We have it spread across several cities and a very good quality set of customers.
Q: It is still a very small parcel of loans that you have acquired. Is it largely in Mumbai also?
A: Some of these loans are based in Mumbai as well. What is important for us is that at this point of time as you are aware Kotak is sitting very comfortably on capital, therefore we are looking for any acquisitions which will make strategic sense to us, create value to us, give us good customers and this meets all those requirements.
So, in absolute size one could say it is not very large but in terms of strategic direction and the way we are thinking it really means that inorganic is important for us and this is a step in that direction.
Q: Are you also evaluating other opportunities? There are a couple of other distress loan books out there, distress assets out there. So, are you evaluating other options?
A: The first point is that this is not a distressed loan book. This is a good quality standard performing loan book. We are constantly looking for opportunities. They don't need to be just asset portfolios, they can be also businesses. Anything that is a good strategic fit for us and creates value we are definitely looking out for those.
Q: Are you talking to Barclays for anything else, any other kind of acquisition?
A: I can't comment on that. If anyone has anything which we can buy and which makes sense, we will definitely talk to them.
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