Sumitomo Mitsui completes acquisition of 74.9% stake in Fullerton India
Sumitomo Mitsui Financial Group Inc announced on Wednesday that it has finalised the purchase of Fullerton India Credit Company from Fullerton Financial Holdings Pte Ltd for a 74.9 percent share.According to a press announcement from the company, the deal was completed on November 30, 2021.The financial specifics of the purchase, however, were not disclosed by the corporation. Fullerton India has now become a consolidated subsidiary of Sumitomo Mitsui Financial Group Inc (SMFG), according to the company.
Fullerton India has now become a consolidated subsidiary of Sumitomo Mitsui Financial Group Inc (SMFG), according to the company.According to the statement, Nobuyuki Kawabata, Rajeev Veeravalli Kannan, Hong Ping Yeo, Anindo Mukherjee, Shantanu Mitra, Shirish Moreshwar Apte, Milan Robert Shuster, and Sudha Pillai will join the board of Fullerton India as part of the transaction.
The management team of Fullerton India will continue to be led by Shantanu Mitra, Managing Director and CEO of Fullerton India.”Through synergies between SMFG and Fullerton India, we will be able to realise the potential of the Fullerton India platform and achieve considerable value development,” stated SMFG President and Group CEO Jun Ohta.
The deal is the largest private firm M&A (merger and acquisition) in Indian financial services in the last two years, as well as the largest ever inbound control purchase by a Japanese corporation entering the Indian market.Through 698 branches, SMFG now has access to a pan-India footprint spanning 25 states, 600 towns, and over 58,000 villages.
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