SMFG taking major stake in Indian nonbank, full acquisition eyed

Economy

Sumitomo Mitsui Financial Group Inc. is taking Fullerton India Credit Co., an Indian nonbanking finance company, under its wing in a deal that will enable the Japanese megabank group to expand further into emerging economies. SMFG said it will acquire a 74.9 percent stake in the Mumbai-based nonbank for US$2 billion under an agreement with its parent, Fullerton Financial Holdings Pte. Ltd., with an eye on making it a wholly owned subsidiary in the near future. SMFG aims to obtain governmental approval by yearend on the deal, which is its first acquisition of a majority stake in an Indian finan...

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