Fullerton India sold to Japans 2nd largest bank 🔥
What happened — Japan’s 2nd largest financial services company, Sumitomo Mitsui (SMFG), invested $2 billion to buy out 74% stake in India based Fullerton India Credit — making a splashy and first of its kind move for a Japanese-firm in India's financial services market.
SMFG was apparently having major growth problems in the local Japanese market — and hence major investments are being made into Indonesia, Vietnam, and Philippines — markets that are seeing aggressive lower-income to middle class shifts.
Fullerton India meanwhile runs your regular car, house, personal loan shop — with 630 brick and mortar locations, servicing citizens and small businesses, reaching 3 million end consumers.
Big picture — at the time when India’s credit and financial services industry is sounding the horn on brewing COVID 2.0 related economic damage, a major $$ deal by a foreign player is a vote of confidence that not all stinks.
