SMFG taking major stake in Indian nonbank, full acquisition eyed

TOKYO, NNA - Sumitomo Mitsui Financial Group Inc. is taking Fullerton India Credit Co., an Indian nonbanking finance company, under its wing in a deal that will enable the Japanese megabank group to expand further into emerging economies. SMFG said it will acquire a 74.9 percent stake in the Mumbai-based nonbank for US$2 billion under an agreement with its parent, Fullerton Financial Holdings Pte. Ltd., with an eye on making it a wholly owned subsidiary in the near future. SMFG aims to obtain governmental approval by yearend on the deal, which is its first acquisition of a majority stake in an...