Mumbai: Sumitomo Mitsui Financial Group, Inc. (SMFG) has reinforced its commitment to the Indian market with another ₹3,000 crore equity infusion in SMFG India Credit Co Ltd. (Formerly Fullerton India Credit Co. Ltd.) (SMICC) via a rights issue. This investment also includes
Rs 300 crore directed towards its wholly-owned subsidiary, SMFG India Home Finance Co. Ltd.
(Formerly Fullerton India Home Finance Co. Ltd.) (SMFG Grihashakti).
As of September 30, 2024, SMICC’s Asset Under Management (AUM) stood at Rs 49,800 crore,
showcasing a year-on-year growth of 25.1%. SMFG in April 2024 had infused Rs 1,300 crore in SMICC via rights issue and with this latest capital infusion of Rs 3,000 crore, SMICC has received the highestever fund infusion of Rs 4,300 crore for any financial year since inception. This strategic investment reflects SMFG’s unwavering focus on supporting SMICC’s growth trajectory and enhancing financial inclusion across the Nation.
Post this infusion, SMICC’s Capital Adequacy Ratio (CAR) is expected to strengthen further,
reinforcing the company’s robust financial foundation. On this landmark infusion, Mr. Pankaj Malik, Chief Financial Officer, SMFG India Credit said, “This fund infusion demonstrates the confidence that SMFG places in the growth potential of the Indian market and SMFG India Credit’s vision. The enhanced capital base not only allows us to scale our business operations but also solidifies our ability to serve a diverse customer base with innovative financial solutions. As we continue to expand, our focus remains steadfast on driving financial inclusion and empowering underserved communities across the country.”
About SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.)
SMICC is registered as an NBFC – Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India and is a wholly owned subsidiary of SMFG. SMICC started its India operations in 2007 and has established a pan India presence, across 670+ towns and 70,000+ villages through 828 branches and 22,000+ employees offering lending products to underserved & unserved retail and small business borrowers. By doing so, it has introduced people to formal credit. SMICC’s primary services constitute financing of SME for working capital and growth, loans for commercial vehicles and two-wheelers, home improvement loans, loans against property, loans against shares, personal loans, loans for rural livelihood advancement and financing of various rural micro enterprises.
About SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.)
SMFG Grihashakti is a wholly owned subsidiary of SMICC. SMFG Grihashakti offers housing loans to salaried and self-employed individuals along with finance to mid-tier developers. Launched in
December 2015 and with its corporate office in Mumbai, SMFG Grihashakti caters to housing finance needs in the affordable housing spaces across India, operating in 179 locations with nearly 3,000 employees, having served over 51,000+ customers till date.
About Sumitomo Mitsui Financial Group (SMFG)
SMFG is one of the largest global banking and financial service groups, offering a diverse range of
financial services including commercial banking, leasing, securities and consumer finance and is
headquartered in Japan. SMFG is listed on the Tokyo and New York (via ADR) Stock Exchanges and has a market capitalization of approximately US$77.5 billion (as of 29th March 2024). SMFG is one of the global systemically important banks (G-SIBs) and has high credit ratings of A1 by Moody’s Investors Service and A- by Standard & Poor’s.
As of September 30, 2024, SMICC’s Asset Under Management (AUM) stood at Rs 49,800 crore,
showcasing a year-on-year growth of 25.1%. SMFG in April 2024 had infused Rs 1,300 crore in SMICC via rights issue and with this latest capital infusion of Rs 3,000 crore, SMICC has received the highestever fund infusion of Rs 4,300 crore for any financial year since inception. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
