India is getting hot

 

Japan's SMFG to buy major Indian lender for $2bn

TOKYO -- Sumitomo Mitsui Financial Group took a major step Tuesday toward its planned Asian expansion with a deal to acquire one of India's largest nonbank lenders.
 
The $2 billion deal announced by SMFG gives Japan's second-largest bank by assets a 74.9% stake in Fullerton India Credit Co.
 
Fullerton's main business is personal lending, with outstanding loans in fiscal 2021 reaching 250.5 billion rupees ($3.3 billion). It employs 14,000 and has 650 branches across the country.
 
The deal comes after SMFG already invested in several financial institutions in Vietnam and the Philippines this year.