Fullerton India

SMICC has separately invested Rs 150 cr in a subsidiary to expand its affordable housing finance solutions

Shantanu Mitra, its chief executive and managing director, said the company's AUM expanded by over 40 per cent Year-on-Year basis to Rs 36,613 crore at end of March 2023 (FY23)

Speaking on the overall performance, the management said that the company's performance in FY22 and 9MFY23 reflected deep commitment to customers

The South Asian govt's tax department has asked the bank to pay the amount on behalf of seller Fullerton Financial Holdings Pte, arguing that it should have withheld the sum during the acquisition

Fullerton India's management team will continue to operate under the leadership of current Managing Director and Chief Executive Shantanu Mitra, the company said

The substantial goodwill that the deal will generate will result in SMFG's Common Equity Tier-1 ratio declining by only around 22 basis points in fiscal 2021

SMFG has plans to eventually acquire 100 per cent stake in FICC, which is a wholly-owned subsidiary of Fullerton Financial Holdings (FFH)

Rajashree Nambiar stepped down as MD & CEO in January 2021 after a three-year stint to pursue outside interests

NBFC also announced senior leadership changes

The company will also benefit from various government initiatives recently announced in the economic package

In 2017-18, Fullerton India's disbursement stood at Rs 122.71 billion

Like many financing firms and housing finance outfits tapping retail investors to raise money through bonds, Fullerton may also issue securities (bonds) to small investors

It formed a separate company for housing finance operations and built a loan portfolio of Rs 150 crore so far

Fullerton also plans to raise up to Rs 1,000 crore through debentures and subordinated debt from domestic market