In a strategic move, Kotak Mahindra Bank has successfully acquired Sonata Finance Private Limited (Sonata) for a total consideration of approximately Rs. 537 crore. This acquisition grants Kotak Mahindra Bank full ownership of Sonata, bolstering its presence in the microfinance sector.
In a separate development, earlier in February 2024, Kotak Mahindra Bank decided to give up its majority stake in the general insurance business. The private sector lender announced that Zurich Insurance will acquire a 70% stake in the bank’s general insurance arm, Kotak Mahindra General Insurance, for ₹5,560 crore in a single tranche.
This move follows the bank’s November 2023 announcement of selling a 51% stake in Kotak Mahindra General Insurance to Zurich Insurance for ₹4,051 crore through a combination of fresh capital infusion and share purchase. The remaining 19% stake was supposed to be sold within a period of three years.
Kotak Mahindra Bank’s acquisition of Sonata Finance and the reshuffling of its insurance business demonstrate the bank’s strategic efforts to expand its microfinance operations while realigning its focus in the insurance sector.
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