Magma To Acquire 7% In Experian Credit
The Economic Times, 8 December 2009, Kolkata
Magma Fincorp on Monday announced that it will pick up 7% stake in Experian Credit Information Company of India Pvt Ltd, a joint venture between UK-based global information services firm Experian Plc and financial institutions including Axis Bank, Federal Bank, Indian Bank, Punjab National Bank, Sundaram Finance and Union Bank of India. While Experian will own 49% in the joint venture, the seven financial institutions will jointly hold 51%. Axis Bank and Union Bank of India will hold 10% each. PNB will hold about 7%. Indian Bank and Federal Bank will hold 5% each while Sundaram Finance and Magma Fincorp will hold 7% each. The launch of the Indian CIC will enable local companies to access critical data and other value added products to facilitate profitable acquisition of new customers, their management and retention.The Company has appointed TS Narayanasami, as its chairman. Prior to his new assignment Narayansami chairman of the Indian Bank's Association, Bank of India, Indian Overseas Bank and Andhra Bank.
Magma Fin Takes 7% In Experian Credit
Business Standard, 8 December 2009, Kolkata
Magma Fincorp has picked up 7% stake in Experian Credit Information Company of India, the proposed arm of the global information services company, Experian. The Indian company would be a joint venture between Experian (49% stake) and seven public and private sector banks and non-banking financial institutions in the country such as Axis Bank, Federal Bank, Indian Bank, Punjab National Bank, Sundaram Finance and Union Bank of India, said a press statement issued by Magma. While Experian will own 49% in the joint venture, the Indian partners will have the balance 51%. Besides Magma's 7% stake, Axis Bank will hold 10%, Union Bank of India 10%, PNB 7%, Indian Bank and Federal Bank 5% each and Sundaram Finance will hold 7%. TS Narayanasami, who was earlier the chairman of the Indian Bank's Association and Bank of India, has been appointed as the chairman of the Experian Credit, the release added.
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