Kotak Mahindra Bank to acquire Sonata Finance for $65m.

Kotak Mahindra Bank, a private sector lender, agreed to acquire Sonata Finance, a non-banking finance company, for $65m. "Sonata is a leading microfinance player and has built a strong enterprise over the last two decades.This acquisition is in sync with our broad vision and strategy. We had successfully acquired BSS Microfinance in 2017 and since then have been able to integrate & steadily grow our presence in the financial inclusion segment with an advances book in excess of $642m serving ~1.3m borrowers. There are significant potential synergies to be realized as a result of this acquisition and we look forward to continue serving the customers in a smooth and consistent manner and ensuring their needs are well-served going forward,” Manish Kothari, Kotak Mahindra President of Commercial Banking.