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

Bengaluru, 11th January, 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, Sumitomo Mitsui Financial Group (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.

Leave a Reply

Your email address will not be published. Required fields are marked *

Previous post India’s technology industry scripts another success story – Nihilent Limited’s Founder & Promoter, LC Singh acquires NTT Ltd.’s controlling stake in the company
Next post Axis Bank extends INR 1 billion loan to Everest Fleet under GuarantCo partnership for purchase of Electric Vehicles (EV) in India