SMFG India Credit

Last updated

SMFG India Credit Co. Ltd.
FormerlyFullerton India Credit Co. Ltd. (FICCL)
Company type Private
Industry Financial services
Headquarters Mumbai Maharashtra, India
Key people
Shantanu Mitra
(CEO and MD)

Deepak Patkar
(MD & CEO of SMFG Grihashati)
Ajay Pareek
(CBO)
Pankaj Malik
(CFO)

Swaminathan Subramanian

Contents


(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] SMICC operates in sectors including SME financing, vehicle loans, personal loans, and rural enterprise lending. [4] As of 2024, it has 1,000 branches across India. [5] In 2020, the company ranked 225th on the Fortune 500 India list. [6]

History

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. [7] [4] In 2016, Fullerton launched a housing finance company named Fullerton India Home Finance Co. Ltd. (FIHFC), which later became known as Grihashakti. [8] 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. [9]

In December 2024, SMICC received a ₹3,000 crore capital infusion from Its parent company SMFG through a rights issue, with ₹300 crore allocated to its housing finance subsidiary, SMFG India Home Finance Company. [10] Earlier, in April 2024, SMICC received an additional ₹1,400 crore from SMFG, a total of ₹4,300 crore in the 2024–25 financial year, the highest annual investment since its inception. [11]

Management

Subsidiaries

SMFG Grihashakti

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. [14] [15]

Recognition

Compliance

On September 4, 2024, the Reserve Bank of India took steps to guide SMICC and two other NBFCs toward adherence to its Information Technology (IT) and cybersecurity guidelines. This included issuing of a financial penalty to ensure full compliance with the guidelines. [18] [19]

References

  1. ↑ "Sumitomo Mitsui invests ₹1,300 crore in SMFG India Credit". The Hindu. 7 May 2024. ISSN   0971-751X.
  2. ↑ Lele, Abhijit (21 June 2023). "SMFG India Credit plans to double AUM to over Rs 70,000 cr in 3 years". Business-standard.
  3. ↑ "Japanese financial company SMFG to invest Rs 1.3k crore in Indian arm". The Times of India. 8 May 2024. ISSN   0971-8257.
  4. 1 2 "SMFG India Credit Co raises ₹600 crore from Sumitomo Mitsui Banking Corporation". BusinessLine. 10 January 2024.
  5. ↑ Aggarwal, Raghav (27 December 2024). "SMFG India Credit receives Rs 3,000 crore from Japanese parent". Financialexpress.
  6. 1 2 "Fullerton India Credit Company - Fortune 500 List 2020 - Fortune India". www.fortuneindia.com.
  7. ↑ "Sumitomo Mitsui completes acquisition of 74.9% stake in Fullerton India". December 2021.
  8. ↑ "Fullerton India launches housing finance company". Business Standard India. Press Trust of India. 3 February 2016. Retrieved 12 February 2019.
  9. ↑ 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.
  10. ↑ "Sumitomo Mitsui Financial Group infuses ₹3,000 cr into SMFG India Credit". BusinessLine. 26 December 2024.
  11. ↑ Prasad, Nikita (26 December 2024). "Japan's Sumitomo Mitsui infuses ₹3,000 crore in Indian subsidiary SMFG via rights issue | Stock Market News". mint. Archived from the original on 29 December 2024.
  12. ↑ Sarkar, Brinda. "Fullerton India brings on board Standard Chartered's Shantanu Mitra as CEO and MD". The Economic Times. Retrieved 12 April 2021.
  13. ↑ "The Leadership Team at Fullerton India" . Retrieved 12 February 2019.
  14. ↑ "Sumitomo Mitsui Financial Group invests Rs 1,300 crore in SMFG India Credit via right issue". moneycontrol.com. 7 May 2024.
  15. ↑ "Fullerton India launches housing finance company 'Grihashakti'". Deccan Herald.
  16. ↑ "Japan Credit Rating Agency awards SMFG India credit AA- rating, 4 notches above India's sovereign rating". The Times of India. 7 December 2024. ISSN   0971-8257 . Retrieved 7 March 2025.
  17. ↑ "SMFG India Credit Sets Guinness World Record For Largest Cattle Welfare Lesson". NDTV Profit. 18 February 2025.
  18. ↑ "RBI penalizes BNP Paribas and 4 other banking enterprises". The Times of India. 13 September 2024. ISSN   0971-8257.
  19. ↑ Suvarna, Manish M. (13 September 2024). "RBI imposes monetary penalty on BNP Paribas, SMFG India Credit Company, 2 others for rule violations".
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.