Mizuho Bank Invests Rs 1,200 Crore in Credit Saison India
Feb 13, 2024 13:19
Japan's Mizuho Bank acquires 15% stake in Credit Saison India for Rs 1,200 crore, marking the company's first external investment. The investment will fuel CS India's growth and profitability.
Photograph: Uttam Ghosh/Rediff.com
Mumbai, Feb 13 (PTI) Digital non-banking finance company Credit Saison (CS) India on Tuesday said Japan's Mizuho Bank has acquired 15 per cent stake in it for Rs 1,200 crore.
This is Credit Saison's first investment from an external investor, a statement from CS India said.
This strategic investment will enable CS India to continue its journey towards becoming a well-diversified, resilient lending franchise with a focus on growth and profitability, the statement added.
CS India received its (Non-banking Finance Company) NBFC licence in September 2019 from the RBI and focussed initial operations in wholesale lending and tech-integrated partnerships with other NBFCs and fintechs.
Later, it expanded into retail lending through partnerships.
Currently, it has 1.2 million active loans worth over Rs 10,000 crore, Presha Paragash, chief executive of CS India said.
Mizuho Bank is the retail and corporate banking unit of Mizuho Financial Group while CS India is the domestic arm of Saison International, one of Japan's largest lenders.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.