Kotak Mahindra Bank on September 30, 2016 announced to acquire BSS Microfinance for Rs 139 crore in an all-cash deal to extend its reach to the bottom of the pyramid—the low-income, large mass of customers in the economy mostly untapped by large companies.
Classified as an NBFC-MFI by the RBI, the Bengaluru-based BSS Microfinance had a net worth of about Rs 73 crore and microfinance loans of Rs 483 crore on its books as of June 30.. After completion of the acquisition, it will work as a subsidiary of Kotak Bank, a release from the private sector bank said.
Set up nearly two decades ago, BSS Microfinance has a customer base of about 2.2 lakh people, served through 78 branches. The acquisition gives Kotak Bank access to BSS Microfinance's customer base, its branch network and a strong reach in the low-income segment.
Classified as an NBFC-MFI by the RBI, the Bengaluru-based BSS Microfinance had a net worth of about Rs 73 crore and microfinance loans of Rs 483 crore on its books as of June 30.. After completion of the acquisition, it will work as a subsidiary of Kotak Bank, a release from the private sector bank said.
Set up nearly two decades ago, BSS Microfinance has a customer base of about 2.2 lakh people, served through 78 branches. The acquisition gives Kotak Bank access to BSS Microfinance's customer base, its branch network and a strong reach in the low-income segment.
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