SMFG driving sustained growth of SMFG Grihashakti
SMICC started its India operations in 2007 and boasts of a pan India presence across 819 branches
The AUM of SMICC’ stood at Rs. 42,487 crore as on December 31, 2023, reflecting a year-on-year growth of 24 per cent. The disbursements for the period April to December 2023 were Rs. 28,790 crore reflecting a year-on-year growth of 46 per cent.
Japan-based Sumitomo Mitsui Financial Group, Inc. (SMFG), 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, has invested Rs.1,300 crore in SMFG India Credit Co. Ltd. (SMICC), earlier known as Fullerton India Credit Co. Ltd., via a rights issue. SMICC, in turn, has invested Rs. 150 crore in its wholly-owned subsidiary SMFG India Home Finance Co. Ltd. (SMFG Grihashakti).
SMICC is registered as an NBFC - Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India and is a wholly-owned subsidiary of SMFG. Interestingly, SMICC started its India operations in 2007 and has established a pan India presence, across 670+ towns and 70,000+ villages through 819 branches and 19,000+ employees offering lending products to underserved and un-served retail and small business borrowers.
“We believe that the infusion of funds worth Rs. 1,300 crore by SMFG marks a crucial moment for SMICC. This strategic move underscores our commitment to fortify our expansion efforts. SMICC invested in SMFG Grihashakti, to bring affordable housing finance solutions to the underserved population in the country. With this infusion, we are poised to amplify our market presence, drive sustained growth and deliver value to our customer,” said Pankaj Malik, chief financial officer, SMICC.
SMFG Grihashakti offers housing loans to salaried and self-employed individuals along with finance to mid-tier developers. Floated in December 2015 and with its corporate office in Mumbai, SMFG, Grihashakti caters to housing finance needs in the affordable housing spaces across India, operating in 170+ locations with over 3100+ employees, having served over 51,000+ customers till date.
SMICC’s Assets Under Management (AUM) stood at Rs. 42,487 crore as on December 31, 2023, reflecting a year-on-year growth of 24 per cent. The disbursements for the period April 2023 to December 2023 were Rs. 28,790 crore reflecting a year-on-year growth of 46 per cent. The company has expanded its presence to 990 branches across the country.
