Shinhan Bank Proposes Acquisition of Stake in HDFC Credila Financial Services

Shinhan Bank Co., Ltd. (Shinhan Bank), a multinational bank based in South Korea and part of the Shinhan Financial Group, has announced its intention to acquire a stake in HDFC Credila Financial Services Limited (HDFC Credila), a non-banking financial company registered with the Reserve Bank of India.

Shinhan Bank entered the Indian market in 1996 and currently operates six branches in Mumbai, Pune, New Delhi, Poonamallee (Karnataka), Ahmedabad, and Ranga Reddy (Telangana), offering a range of retail and corporate banking products and services.

On the other hand, HDFC Credila specializes in providing education loans to Indian students pursuing higher education both domestically and internationally. Registered as a non-deposit taking NBFC (Non-Banking Financial Company), HDFC Credila is classified as NBFCMiddle Layer by the Reserve Bank of India.

The proposed combination involves Shinhan Bank acquiring up to approximately 11% shareholding in HDFC Credila through a subscription to shares of the company.

While the specific terms of the acquisition have not been disclosed, the proposed combination marks an important strategic move for both Shinhan Bank and HDFC Credila in the Indian financial market.

A detailed order from the regulatory authorities overseeing the transaction is expected to follow, providing further clarity on the proposed acquisition.

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