Edelweiss Financial Services and ECL Finance on Monday announced a strategic co-lending agreement for priority sector lending with Indian Bank.
The lenders recently signed a MoU to significantly expand portfolio of lending products available to the target customers, thereby increasing access to credit.The alliance aims to leverage the combined strengths of the partners to make a proposition for all stakeholders including customers. Indian Bank brings capital flows at low costs, which when combined with Edelweiss' expertise on customer acquisition, credit assessment, servicing and robust technology, will help meet the expanding credit needs of customers.
Speaking on the development, Deepak Mittal, head of Edelweiss Credit Cluster said, We are happy to partner with a reputed institution like Indian Bank to provide easier access to credit to customers from the priority sector. We believe that revival is possible only by making credit available to this vital contributor of the Indian economy. As we step up lending, delivering a digitally enhanced experience to customers, this co-lending partnership ties into our strategy of being asset light and building a high-quality lending book along with our partner Bank.
Shares of Edelweiss Financial Services were trading 0.61% higher at Rs 74 while Indian Bank surged 3.51% to Rs 149.10 on BSE.
The Edelweiss Group is a diversified financial services companies, providing a broad range of financial products and services. Its businesses include asset management, NBFC, housing finance, asset reconstruction, wealth management, life insurance, general insurance and insurance broking.
Indian Bank is a public sector bank. The Government of India held 79.86% stake in the bank as on 30 September 2021.
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