TOKYO: Sumitomo Mitsui Financial Group Inc is nearing an agreement to buy a majority stake in Fullerton India Credit Co for about 220 billion yen (US$2bil or RM8.31bil), people familiar with the matter said, in what would be the first entry into the South Asian country’s retail financial business by a Japanese bank.
Japan’s second-largest lender is in advanced talks with Fullerton Financial Holdings Pte to acquire a 75% stake in the Indian business, said the people, who asked not to be identified as the information is private. An announcement could come as soon as today, the people said. Sumitomo Mitsui is considering to acquire the rest of the Indian credit firm at a later stage, they added.
Fullerton Financial is a unit of Singapore’s state investment fund Temasek Holdings Pte.
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