Former Reliance Capital CEO Ghosh Seeks SFB License
- ByStartupStory | August 31, 2021
Sam Ghosh who addressed Reliance Capital For nine years to 2017, you have applied for a Small Finance Bank (SFB) license through your company Cosmea Financial participations. Ghosh is engaged in financial services and, with the backing of private equity investors, and is seeking various opportunities, including investment company Dependence Capital that is for sale as part of a debt resolution plan.
On Monday, the RBI released the names of applicants for a small financial bank license. In addition to Cosmea, Tally Solutions, a company synonymous with accounting software in India, has also applied for a banking license. Tally’s products and services are used by businesses across India and in more than 100 countries.
Reliance Capital’s asset monetization process is conducted under the instructions of the Bondholders Committee and Bond Trustee Vistra ITCL India, which represent 93% of the company’s debt.
Sources close to Ghosh said he was bidding for RCap assets. The finance professional plans to build a new financial services business or acquire existing companies. The application for an SFB is part of the plan to build new businesses.
In response to an inquiry, Cosmea said in a statement: “We confirmed our application for a small financial bank. We are funded by PE and the license is in line with Cosmea’s plans to achieve a strong multi-business presence in the BFSI sector. We are unable to release more information at this time.
Ghosh had come to India as a representative for German insurer Allianz and led first the general joint venture and later the general insurance joint venture with Bajaj. In 2008 he moved to Reliance Capital as CEO. He was instrumental in growing the life and non-life business and in establishing a partnership with Nippon Life. In 2017 he left the group to join the financial services business of the Bharti group. In 2019, Ghosh left Bharti to pursue his plans in financial services.
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