Mumbai, Dec 26, 2024: Sumitomo Mitsui Financial Group, Inc. (SMFG) has reinforced its commitment to the Indian market with another ?3,000 crore equity infusion in SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) (SMICC) via a rights issue. This investment also includes ?300 crore directed towards its wholly-owned subsidiary, SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.) (SMFG Grihashakti).
As of September 30, 2024, SMICC’s Asset Under Management (AUM) stood at ?49,800 crore, showcasing a year-on-year growth of 25.1%. SMFG in April 2024 had infused ?1,300 crore in SMICC via rights issue and with this latest capital infusion of ?3,000 crore, SMICC has received the highest-ever fund infusion of ?4,300 crore for any financial year since inception. This strategic investment reflects SMFG’s unwavering focus on supporting SMICC’s growth trajectory and enhancing financial inclusion across the Nation.
Post this infusion, SMICC’s Capital Adequacy Ratio (CAR) is expected to strengthen further, reinforcing the company’s robust financial foundation.
On this landmark infusion, Mr. Pankaj Malik, Chief Financial Officer, SMFG India Credit said, “This fund infusion demonstrates the confidence that SMFG places in the growth potential of the Indian market and SMFG India Credit’s vision. The enhanced capital base not only allows us to scale our business operations but also solidifies our ability to serve a diverse customer base with innovative financial solutions. As we continue to expand, our focus remains steadfast on driving financial inclusion and empowering underserved communities across the country.”