Sumitomo Mitsui Financial Group Inc. said on Wednesday that it has completed the purchase of 74.9 percent stake in fullerton india from credit company fullerton Financial Holdings Pte Ltd. The transaction was done on November 30, 2021, a company release said.

However, the company did not disclose the financial details of the transaction.

Following the completion of the purchase, Fullerton India has become a consolidated subsidiary of Sumitomo Mitsui Financial Group Inc (SMFG).

As part of the transaction, Fullerton India’s board will be reconstituted to include Nobuyuki Kawabata, Rajeev Veeravalli Kannan, Hong Ping Yeo, Anindo Mukherjee, Shantanu Mitra, Shirish Moreshwar Apte, Milan Robert Shuster and Sudha Pillai.

Fullerton India’s management team will continue to function under the leadership of Shantanu Mitra, Managing Director and CEO, Fullerton India.

“We will be able to unlock the potential of the Fullerton India platform and drive significant value creation through the synergy between SMFG and Fullerton India,” said Joon Ohta, President and Group CEO, SMFG.

SMFG will eventually buy 100% of Fullerton India over time, the release said.

The transaction is the largest M&A (merger and acquisition) of a private company in Indian financial services in the past two years and the largest ever inbound control. takeover Entry into the Indian market by a Japanese enterprise.

This acquisition gives SMFG access to a pan-India footprint in over 58,000 villages through 25 states, 600 towns and 698 branches.