Sumitomo to buy 74.9% stake in FICC

Fullerton Financial Holdings (FFH) has reached an agreement to sell its 74.9 per cent stake in its non-banking finance company to Japan’s Sumitomo Mitsui Financial Group (SMFG). The development marks a step towards fully divesting Fullerton India Credit Company (FICC). “SMFG will eventually acquire 100 per cent of FICC,” a media release from Fullerton India Housing Finance Company has said. Fullerton India said that its housing finance company would continue to be its wholly-owned subsidiary. In 2016,

Fullerton India had launched Fullerton India Home

Finance Company, which operates under the Grihashakti brand. Fullerton India had begun operations in 2007.