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Japan's Sumitomo Mitsui nears $2.67 bil deal for Fullerton India

Bloomberg7/6/2021 04:40 PM GMT+08  • 2 min read
Japan's Sumitomo Mitsui nears $2.67 bil deal for Fullerton India
: Fullerton Financial is a unit of Temasek Holdings.
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Sumitomo Mitsui Financial Group Inc. said it will buy a 74.9% stake in Fullerton India Credit Co., marking the first entry into the South Asian country’s retail financial business by a Japanese bank.

Japan’s second-largest lender will eventually acquire the rest of the Indian credit firm from Fullerton Financial Holdings Pte at a later stage, it said in a statement Tuesday, without providing terms of the transaction.

Bloomberg News earlier reported that Sumitomo Mitsui would pay about 220 billion yen ($2.67 billion) for the holding, according to people familiar with the matter who asked not to be identified.

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