State Financial institution of India to promote $1 billion stake in Sure Financial institution to Japan’s SMBC, ETCFO
State Financial institution of India will divest a 13.19% stake in personal lender Sure Financial institution to Japan’s Sumitomo Mitsui Banking Company (SMBC) for 88.89 billion rupees ($1.04 billion), it mentioned on Friday.
SMBC, owned by Sumitomo Mitsui Monetary Group, has been in discussions with Sure Financial institution’s largest investor, State Financial institution of India, and India’s central financial institution since final yr.
($1 = 85.3560 Indian rupees)
(Reporting by Siddhi NayakEditing by David Goodman)
