The acquisition is inline with KMBL's strategy to add value to its existing business lines as it strenghts its business loans portfolio, the bank said in the press release.
Commenting on the acquisition, Paul Parambi, Head - Group Strategy, KMBL said: The strategic intent behind this transaction is to further grow our business loans portfolio for chosen client segments. Business loans are an important element in our segmented offering.This acquisition also gives us a very good set of customers who can be offered our entire suite of banking products. We have an appetite for further acquisitions which can strategically create value for us and will actively seek such opportunities.
Shares of the bank were seen trading higher by Rs 10.65 or 1.57% at Rs 688 on BSE at 10.20 am IST. It touched an 52-week high at Rs 688.