Mumbai, 01 December 2021: Sumitomo Mitsui Financial Group, Inc. (“SMFG”) completed on 30 Nov 2021 the purchase of a 74.9% stake in Fullerton India Credit Company Limited (“Fullerton India”) from Fullerton Financial Holdings Pte. Ltd. (“FFH”). Post completion of the purchase, Fullerton India has become a consolidated subsidiary of SMFG. SMFG will eventually purchase 100% of Fullerton India over a period of time. It reinforces SMFG’s push into Asian consumer and MSME lending, and reaffirms the strength of Fullerton India’s platform underpinned by best-in-class corporate governance, risk management, prudent liquidity management, agile technology, and advanced analytics.
As part of the transaction, Fullerton India’s Board will be reconstituted to comprise Mr. Nobuyuki Kawabata, Mr.Rajeev Veeravalli Kannan, Mr. Hong Ping Yeo, Mr. Anindo Mukherjee, Mr. Shantanu Mitra, Mr. Shirish Moreshwar Apte, Dr. Milan Robert Shuster and Ms. Sudha Pillai. Fullerton India’s management team will continue to operate under the leadership of Mr. Mitra, Managing Director and CEO of FullertonIndia. Fullerton India will play an important role to promote inclusive growth in line with our long-term strategy for India,” said Mr. Jun Ohta, President & Group CEO of SMFG.
Mr. Ohta added, “We are excited to work with the Fullerton India management team led by Mr. Shantanu Mitra and are confident that we will be able to unlock the potential of the Fullerton India platform and drive significant value creation through synergies between SMFG and Fullerton India. SMFG is committed to supporting the growth plan of Fullerton India by leveraging our customer network and through funding support.”
“FFH is a leading Asian operator investor in financial services promoting financial inclusion for mass market consumers and MSMEs. We are delighted to partner with SMFG who is as committed to delivering differentiated financial products and services, empowering customers and creating broader stakeholder impact as we are,” said Mr. Hong Ping Yeo, CEO.
Additional transaction details
Fullerton India Home Finance Co. Ltd (“FIHFC”, or “Grihashakti”), a housing finance company (“HFC”), continues to be a wholly-owned subsidiary of Fullerton India.
Citigroup, Cyril Amarchand Mangaldas, Allen & Overy were financial and legal advisors to FFH whereas J.P. Morgan, Anderson Mori & Tomotsune were financial and legal advisors to SMFG.
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