Japan’s Sumitomo Mitsui Financial Group Inc. (SMFG) has agreed to buy a 74.9% stake in Fullerton India Credit Company Ltd (FICC), adding to a growing number of deals in the non-bank lending space. Sumitomo will buy the stake from Singapore’s Temasek-owned Fullerton Financial Holdings Pte Ltd. The plan is for Sumitomo to eventually buy 100% of Fullerton India, according to a statement issued by Sumitomo and Fullerton Financial. Both firms did not give a time frame for Sumitomo to acquire the additional 25.1% stake. “This investment brings together SMFG’s Asian push towards consumer and MSME lending, with Fullerton India’s expertise in serving mass-market consumers and MSME customers in India.

Source: Mint July 06, 2021 19:18 UTC