“SMFG is one of the largest financial service groups in Japan offering a diverse range of financial services. We intend to leverage our expertise in Japan market as well as the capabilities of our franchises across key emerging Asian markets. We are pleased to partner with FFH and jointly accelerate FICC’s growth strategy.”, said Jun Ohta, President & Group CEO of SMFG.
SMFG will eventually acquire 100% of FICC.
With FICC’s expertise in serving mass-market consumers and MSME customers in India, the investment aims for SMFG’s Asian push towards consumer and MSME lending.
Hong Ping Yeo, CEO of FFH, said, “FFH’s mission since inception is to be the catalyst in enriching lives and enabling the success of customers and communities served by our portfolio companies across Asia. We have developed FICC into a differentiated financial services franchise driving impact for the growing mass-market consumers and enterprises through a pan-India presence and a scalable digital platform. We are delighted to partner with SMFG who shares our conviction in the potential of India.”
The announcement comes as a result of FICC’s expertise in corporate governance, risk management, prudent liquidity management, agile technology, and advanced analytics, with which SMFG plans for its Asian push. SMFG and FFH together aim at the next leg of FICC’s growth.
“Over the years, we have built a strong franchise with high governance standards and remained resolute in our financial inclusion journey, serving customers in the country’s hinterlands, through our extensive distribution network,” said Shantanu Mitra, Managing Director, and CEO of FICC.