Cyril Amarchand Mangaldas advised Fullerton Financial stake sale to Sumitomo Mitsui

Cyril Amarchand Mangaldas advised Fullerton Financial stake sale to Sumitomo Mitsui

Cyril Amarchand Mangaldas acted as the legal counsel to Fullerton Financial Holdings Pte. Ltd. and Angelica Investments Pte. Ltd. (Fullerton and Angelica) on sale of 74.9% of their shares in Fullerton India Credit Company Limited (and therefore indirectly also of its 100% housing finance subsidiary) to Sumitomo Mitsui Financial Group, subject to receipt of relevant regulatory approvals; and on sale of the remaining 25.1% after a transition period.

The General Corporate team of Cyril Amarchand Mangaldas advised Fullerton and Angelica on the Transaction. The Transaction team was led by Shishir Vayttaden, Partner; and Aishwarya K, Partner; with support from Anand Sinha, Senior Advisor - Financial services; Shweta Sriram, Senior Associate; Kashish Mahajan, Associate; Iti Mishra, Associate; Rupal Jaiswal, Associate; and Reeti Agarwal, Associate.

Bharath Reddy, Partner; and Sindhushri Badarinath, Principal Associate, assisted on employee benefits plan.

This investment allows Sumitomo Mitsui Financial Group to enter the Indian market for consumer and MSME lending whilst retaining Fullerton India's expertise in mass-market consumers and MSME customers in India for a transition period.

Deloitte Haskins & Sells LLP were the Tax advisor to Fullerton Financial Holdings Pte. Ltd. Allen & Overy LLP were the International legal counsel to Fullerton Financial Holdings Pte. Ltd. Citigroup were the Financial advisor to Fullerton Financial Holdings Pte. Ltd. JP Morgan were Financial advisor to Sumitomo Mitsui Financial Group, Inc. Slaughter and May were the International Legal counsel to Sumitomo Mitsui Financial Group, Inc. Ernst & Young were the Tax advisor to Sumitomo Mitsui Financial Group, Inc.

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