Latest news with #SMFGIndiaCredit
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Business Standard
13-06-2025
- Business
- Business Standard
SMFG India Credit begins hunt for new MD & CEO as Mitra retires
SMFG India Credit—the non-banking finance company—is in the process of selecting a new managing director and chief executive officer (CEO), as incumbent Shantanu Mitra has informed the board that he will be stepping down ahead of term, said sources aware of the development. Mitra's term with the NBFC was set to end in September this year. Sources said that although his term was supposed to conclude in September, his retirement is part of a planned leadership transition. Citing personal and family commitments, Mitra has expressed his decision to retire, sources added. Until the company appoints his replacement, the leadership team at SMFG India Credit will operate the business, said the person aware of the development. Mitra has served two terms at the company—first from 2010 to 2017, and again from 2021 to 2025. During his initial tenure, he joined as Group Chief Risk Officer and was promoted to CEO in 2011. Last month, Sumitomo Mitsui Banking Corporation (SMBC) signed a definitive agreement to acquire a 20 per cent stake in Yes Bank for ₹13,483 crore. SMBC is a wholly owned subsidiary of Sumitomo Mitsui Financial Group (SMFG). SMFG India Credit offers home loans, business loans, personal loans, among others. In the quarter ended March 2025, SMFG India Credit's standalone net profit significantly declined by 94.78 per cent to ₹8.76 crore, compared to ₹167.88 crore in the previous quarter. Sales, however, increased by 23.31 per cent to ₹2,388.60 crore. As of 31 March 2025, SMFG India Credit had total assets under management (AUM) of ₹57,000 crore. In FY25, Sumitomo Mitsui Financial Group invested ₹4,300 crore equity capital in SMFG India Credit, including ₹1,300 crore in April 2024 and ₹3,000 crore in December 2024. SMFG India Credit's standalone net profit fell to Rs 344 crore in FY25, down 44% from FY24.
India.com
21-05-2025
- Automotive
- India.com
Maruti Suzuki Partners with SMFG India Credit to Boost Retail Financing for Commercial Vehicles
New Delhi – Maruti Suzuki India Limited (MSIL) has announced a new partnership with SMFG India Credit to provide customised vehicle financing options for its commercial vehicle customers. The collaboration will primarily benefit buyers of Maruti Suzuki's Super Carry and Eeco Cargo models. The two companies signed a Memorandum of Understanding (MoU) in the presence of senior leadership from both sides. Representing Maruti Suzuki were Partho Banerjee and Nobutaka Suzuki, Senior Executive Officers of Marketing & Sales, along with Vishal Sharma, Vice President of Maruti Suzuki Finance and Driving School. From SMFG India Credit, key attendees included Chief Operating Officer Swaminathan Subramanian, Chief Business Officer Ajay Pareek, and Head of Planning & Alignment Takamitsu Kajii. Through this partnership, Maruti Suzuki aims to enhance its dealer network's ability to offer comprehensive and flexible retail financing solutions to customers. The company believes this move will further strengthen its commercial vehicle segment by offering end-to-end, tech-enabled loan services through SMFG India Credit's extensive network. Partho Banerjee of Maruti Suzuki said the initiative reflects the company's continued focus on customer convenience. 'The Super Carry has won the trust of fleet operators with its load-carrying capability, while the Eeco Cargo is valued for its utility and comfort. This partnership will make it easier for our customers to access finance solutions tailored to their needs,' he stated. Ajay Pareek of SMFG India Credit echoed similar sentiments, calling the collaboration a strategic move toward improving financial accessibility. 'We aim to empower individuals and small businesses with seamless credit offerings. Partnering with an industry leader like Maruti Suzuki helps us take this vision forward by reaching more customers across India,' he said. This alliance marks another step in Maruti Suzuki's broader efforts to improve affordability and financing ease for commercial vehicle buyers, a segment that continues to grow in importance for the automaker.
NDTV
21-05-2025
- Automotive
- NDTV
Maruti Suzuki Partners SMFG India Credit For Commercial Vehicle Financing
Maruti Suzuki India Limited (MSIL) has announced an alliance with SMFG India Credit (SMICC) to offer consumers custom auto retail financing solutions for commercial vehicles of the brand. Both brands have signed a Memorandum of Understanding (MoU) specifically targeting consumers of the Maruti Suzuki Eeco Cargo and Super Carry models. The arrangement was officially established during a ceremony that was graced by high-ranking officials from both firms, such as Partho Banerjee and Nobutaka Suzuki representing Maruti Suzuki, together with Swaminathan Subramanian and Ajay Pareek from SMFG India Credit. Also Read: Aston Martin F1 Team, Realme Partner For 3 Years; Unveil GT7 Dream Edition Speaking on the partnership, Partho Banerjee, Senior Executive Officer, Marketing & Sales, Maruti Suzuki India Limited, said, "At Maruti Suzuki, customer delight remains to be our top priority. Our partnership with SMFG India Credit adds to our continuous efforts in aiding customers with easy, flexible, and personalised financing options for Super Carry and Eeco Cargo." "The Super Carry has a special place in the hearts of fleet owners and drivers with its exceptional load carrying capacity & power, while the Eeco Cargo's versatile combination of comfort and utility makes it a preferred choice. By leveraging SMFG India's robust and wide network, customers can expect seamless, tech-driven, end-to-end financing experiences," he added. Sharing his thoughts on the alliance, Ajay Pareek, Chief Business Officer, SMFG India Credit, said, "We are excited to offer top-class credit solutions to Maruti Suzuki customers as one of their retail vehicle financing partners. This collaboration aligns with our aim of becoming the preferred lending partner of choice for millions of Indians." He added, "Our tailor-made product offerings extend beyond auto retail financing and we are well poised to empower every Indian to achieve financial freedom, through easy and accessible loans. Keeping this as one of the cornerstones for progress, we are focused on partnering with top OEMs across key sectors. We are thrilled to ink this partnership with Maruti Suzuki and look forward to jointly serving their customers across the country."
