Sumitomo Mitsui Financial Group to acquire 74.9% stake in FICC for $ 2 bn

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

Japan’s Sumitomo Mitsui Financial Group (SMFG) is set to acquire a 74.9 per cent stake in Fullerton India Credit Company (FICC), a non- banking finance company that offers credit to retail as well as small businesses, for about $2 billion. The transaction is contingent upon regulatory approvals.

SMFG has plans to eventually acquire 100 per cent in FICC — a wholly-owned subsidiary of Fullerton Financial Holdings (FFH), which, in turn, is a wholly-owned entity of Singapore-based investment company Temasek Holdings. The acquisition would mark a big Asian push by SMFG towards consumer and MSME lending.

Through this investment, SMFG will gain a