Home News Banking & finance

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

Bloomberg
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.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

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.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now