Sumitomo Mitsui Financial Group, Japan invests INR 1,300 crore in SMFG India Credit to fuel growth
Bengaluru, May 08, 2024: Sumitomo Mitsui Financial Group, Inc. (SMFG) has invested INR 1,300 crore in SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) (SMICC) via rights issue. SMICC has invested INR 150 crore in its wholly owned subsidiary SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.) (SMFG Grihashakti).
Commenting on this development, Mr. Pankaj Malik, Chief Financial Officer, SMICC, said, “We believe that the infusion of funds worth INR 1,300 crore by SMFG marks a crucial moment for SMICC. This strategic move underscores our commitment to fortify our expansion efforts. SMICC has invested INR 150 crore in SMFG Grihashakti, to augment its endeavor of bringing affordable housing finance solutions to the underserved population in the country. With this infusion, we are poised to amplify our market presence, drive sustained growth and deliver value to our customers.”
SMICC’s Assets Under Management (AUM) stood at INR 42,487 crores as on December 31, 2023, reflecting a year-on-year growth of 24%. The disbursements for the period April 2023 to December 2023 were INR 28,790 crores reflecting a year-on-year growth of 46%. The company has expanded its presence to 990 branches across the country.
