Sumitomo Mitsui Financial Group (SMFG) on Wednesday said it has completed the purchase of a 74.9 per cent stake in Fullerton India Credit Company (Fullerton India) from Fullerton Financial Holdings (FFH).
Financial details of the transaction were not disclosed. Fullerton India now becomes a consolidated subsidiary of SMFG.
The board of Fullerton India will be reconstituted to include Nobuyuki Kawabata, Rajeev Veeravalli Kannan, Hong Ping Yeo, Anindo Mukherjee, Shantanu Mitra, Shirish Moreshwar Apte, Milan Robert Shuster and Sudha Pillai, a statement from SMFG said.
Fullerton India’s management team will continue to operate under the leadership of Mitra, managing director and CEO of Fullerton India.
“The acquisition gives SMFG access to a pan-India footprint across 25 states, 600 towns and over 58,000 villages through 698 branches,” the statement said.
In July, Japan’s second largest lender had announced the acquisition of the stake in Fullerton India. Though the consideration was not disclosed then as well, it was estimated at $2 billion.
An NBFC, Fullerton India provides personal loans, business loans and loans against property.
