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Sumitomo Mitsui to acquire 74.9 percent stake in Fullerton India

Tuesday, 06 Jul 2021
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Japan's Sumitomo Mitsui Financial Group, Inc (SMFG). will acquire 74.9 percent stake in Fullerton India Credit Company (FICC) for about USD two billion.

The stake is being acquired from Singapore-based Fullerton Financial and subject to regulatory approvals. SMFG will eventually acquire 100 percent of FICC.

The deal also includes Fullerton India Housing Finance Company, a subsidiary of FICC, with over 23,000 customers across India and operates in 70 locations with over 650 employees.

FICC is a diversified NBFC registered in India and a wholly-owned subsidiary of FFH. FICC started its India operations in 2007 and has established a pan-India presence across 600 towns and over 58,000 villages through 629 branches and 13,000 plus employees offering lending products to 2.3 million bankable yet underserved retail and small business borrowers.

 
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