SMFG India Credit
 | |
| Formerly | Fullerton India Credit Co. Ltd. (FICCL) |
|---|---|
| Company type | Private |
| Industry | Financial services |
| Headquarters | Mumbai Maharashtra, India |
Key people | Shantanu Mitra (CEO and MD) Deepak Patkar (COO) |
| Parent | Sumitomo Mitsui Financial Group (SMFG) |
| Subsidiaries | SMFG Grihashakti |
| Website | Official website |
SMFG India Credit Co. Ltd., also known as SMICC (formerly Fullerton India Credit Co. Ltd.),[1] is an Indian non-banking financial company headquartered in Mumbai, India.[2] It was founded in 2007 and operates as a wholly-owned subsidiary of SMFG, a global banking and financial services group.[3] SMFG India Credit Co. Ltd. provides SME financing, vehicle loans, personal loans, and support for rural enterprises.[4]
History
[edit]The company was founded in July 2007 as Fullerton India Credit Co. Ltd. In December 2021, SMFG, a Japanese financial holding company that owns Sumitomo Mitsui Banking Corporation and SMBC Trust Bank, purchased a 74.9% stake in Fullerton India, while the remaining 25.1% stake was held by Fullerton Financial Holdings, a Singaporean investment company owned by the Government of Singapore.[5][4]In 2016, Fullerton launched a housing finance company named Fullerton India Home Finance Co. Ltd. (FIHFC), which later became known as Grihashakti.[6] In March 2024, SMFG acquired the remaining 25.1% equity stake, resulting in Fullerton becoming a wholly owned subsidiary and subsequently being rechristened as SMFG India Credit Co. Ltd.[7]
Management
[edit]- Shantanu Mitra (CEO and Managing Director)[8]
- Deepak Patkar (MD and CEO of SMFG Grihashakti)[9]
- Ajay Pareek (Chief Business Officer)
- Swaminathan Subramanian (Chief Operating Officer)
- Pankaj Malik (Chief Financial Officer)
- Vinod Raghavan (Chief Compliance Officer)
- Suprio Banerjee (Chief Risk Officer)
- Sunil Kaw (Head of Credit Underwriting)
- Sanjeeb Kumar Prusti (Head of Internal Audit)
Subsidiaries
[edit]SMFG Grihashakti
[edit]SMFG Grihashakti, also known as SMFG India Home Finance Co. Ltd., is a wholly owned subsidiary of SMFG India Credit Co. Ltd. It was founded in December 2015 as Fullerton India Home Finance Co. Ltd. and rebranded in May 2023 to SMFG India Home Finance Co. Ltd. after its acquisition by SMFG India Credit Co. Ltd.[10] The company has its headquarters in Mumbai and provides housing loans and financing to mid-tier developers.[11]
References
[edit]- ^ "Sumitomo Mitsui invests ₹1,300 crore in SMFG India Credit". The Hindu. 7 May 2024. ISSN 0971-751X.
- ^ Lele, Abhijit (21 June 2023). "SMFG India Credit plans to double AUM to over Rs 70,000 cr in 3 years". Business-standard.
- ^ "Japanese financial company SMFG to invest Rs 1.3k crore in Indian arm". The Times of India. 8 May 2024. ISSN 0971-8257.
- ^ a b "SMFG India Credit Co raises ₹600 crore from Sumitomo Mitsui Banking Corporation". BusinessLine. 10 January 2024.
- ^ "Sumitomo Mitsui completes acquisition of 74.9% stake in Fullerton India". December 2021.
- ^ "Fullerton India launches housing finance company". Business Standard India. Press Trust of India. 3 February 2016. Retrieved 12 February 2019.
- ^ Dutta, Bhaskar (7 May 2024). "SMFG invests Rs 1,300 crore in SMFG India Credit Co Limited via rights issue". The Economic Times. ISSN 0013-0389.
- ^ Sarkar, Brinda. "Fullerton India brings on board Standard Chartered's Shantanu Mitra as CEO and MD". The Economic Times. Retrieved 12 April 2021.
- ^ "The Leadership Team at Fullerton India". Retrieved 12 February 2019.
- ^ "Sumitomo Mitsui Financial Group invests Rs 1,300 crore in SMFG India Credit via right issue". moneycontrol.com. 7 May 2024.
- ^ "Fullerton India launches housing finance company 'Grihashakti'". Deccan Herald.