SMFG India Credit raises INR 6 bn in its first ever Perpetual Debt Instrument issue via ECB route

Bengaluru, Jan 10, 2024: SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) raised its first-ever Perpetual Debt Instrument (PDI) via the External Commercial Borrowing (ECB) route of INR 6 billion from Sumitomo Mitsui Banking Corporation (SMBC), Tokyo.

The inaugural issuance of PDI has bolstered SMFG India Credit's Tier I capital base, reflecting the continuous and robust support from its parent company, SMFG India (SMFG).

Mr. Pankaj Malik, CFO, SMFG India Credit said "The capital infusion, through PDI, demonstrates our parent's firm commitment towards SMFG India Credit's growth journey. With this issuance, the capital adequacy ratio improves by ~160 bps. Since these bonds are perpetual, the issuance also strengthens asset liability profile."

Japan-based Sumitomo Mitsui Financial Group (SMFG), holds a majority, 74.9% stake in SMFG India Credit. SMFG's involvement illustrates its commitment to diversifying and strengthening the financial services portfolio within the Indian market.


About SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.)

SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) is registered as an NBFC - Investment and Credit Company (NBFC-ICC) with the Reserve Bank of India, and a member of Sumitomo Mitsui Financial Group (SMFG). SMFG India Credit started its India operations in 2007 and has established a pan India presence - across 600 towns and 65,000+ villages through 750+ branches and 18,000+ employees offering lending products to underserved & unserved retail and small business borrowers. By doing so, it has introduced people to formal credit. SMFG India Credit's primary services constitute financing of SME for working capital and growth, loans for commercial vehicles and two-wheelers, home improvement loans, loans against property, loans against shares, personal loans, working capital loans for urban self-employed and loans for rural livelihood advancement and financing of various rural micro enterprises.

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