Sumitomo Mitsui Financial to acquire 74.9% stake in Fullerton Financial

Sumitomo Mitsui Financial Group (SMFG) on Tuesday entered the country’s retail financing industry by acquiring 74.9% in Fullerton India Credit Company in a deal that, investment banking sources told ET, cost Japan’s second-biggest lender about $2 billion.“India is one of our focus markets.
We believe in its high growth potential and want to build a deeper presence,” said Jun Ohta, president, and group chief executive, Sumitomo Mitsui Financial Group. “We intend to leverage our expertise in the Japan market as well as the capabilities of our franchises.