MUMBAI: Financial powerhouse Sumitomo Mitsui Financial Group Inc (SMFG) has reinforced its commitment to a local subsidiary here, infusing another Rs 3,000 crore equity into SMFG India Credit Company, which was formerly known as Fullerton India Credit through a rights issue. With this investment, the Japanese parent has pumped in Rs 4,300 crore into the India arm.
The latest investment also includes Rs 300 crore directed towards its wholly-owned subsidiary, SMFG India Home Finance, formerly Fullerton India Home Finance, the company said in a statement on Thursday.
As of September 2024, SMFG India Credit Company loan books stood at Rs 49,800 crore, up 25.1 per cent on-year.
SMFG had in April 2024 infused Rs 1,300 crore into the unit through another rights issue and with this latest capital infusion of Rs 3,000 crore, it has received the highest-ever fund infusion of Rs 4,300 crore in one year.
Pankaj Malik, the chief financial officer at SMFG India Credit said that SMFG India Credit Company started its operations in 2007 as Fullerton and has established a pan-India presence, across 670 towns and 70,000 villages through 828 branches and 22,000 employees offering lending products to underserved and unserved retail and small business borrowers.
Sumitomo Mitsui Financial Group is one of the largest global banking and financial service groups, offering a diverse range of financial services including commercial banking, leasing, securities and consumer finance and is headquartered in Japan. SMFG is listed on the Tokyo and New York exchanges.