BUSINESS

SMFG Completes Acquisition of 74.9% Stake in Fullerton, India

Fullerton India has become a subsidiary of Sumitomo Mitsu Financial Group (SMFG) by following the completion of a transaction to purchase 74.9 per cent from Fullerton Financial Holdings (FFH). Fullerton India’s management team will continue to operate under the leadership of current Managing Director and Chief Executive Shantanu Mitra, the company said in a statement.

As part of the transaction, Fullerton India’s Board will be reconstituted to comprise Nobuyuki Kawabata, Rajeev Veeravalli Kannan, Hong Ping Yeo, Anindo Mukherjee, Shantanu Mitra, Shirish Moreshwar Apte, Dr
Milan Robert Shuster and Ms Sudha Pillai.

In July 2021, Japan’s SMFG had signed a pact to purchase a 74.9 per cent stake in non-banking finance company Fullerton India Credit for about $ two billion.

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