Mumbai: Japan’s Sumitomo Mitsui Financial Group (SMFG) has invested Rs 1,300 crore in its Indian arm through a rights issue.
SMFG India Credit (formerly Fullerton India Credit), in turn, has invested Rs 150 crore in its wholly-owned subsidiary SMFG India Home Finance. As of Dec 31, 2023, SMICC’s assets under management reached Rs 42,487 crore, with an year-on-year growth of 24%. From April-Dec 2023, disbursements were Rs 28,790 crore, reflecting a growth of 46% over the year-ago period.
The Japanese financial company has expanded its presence to 990 branches across India. SMICC is registered as an NBFC-Investment and Credit Company (NBFC-ICC) with RBI and is a wholly-owned subsidiary of SMFG.
SMFG India provides loans across 670+ towns and 70,000+ villages through 819 branches and 19,000+ employees, offering lending products to underserved retail and small business borrowers. Based in Japan, it is one of the largest global banking and financial service groups offering commercial banking, leasing, securities, and consumer finance services.
