Central Bank sells entire stake in CIBIL to Transunion

Mar 07 2014, 01:46 IST
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Central Bank of India has sold its entire stake in credit information provider CIBIL. Reuters Central Bank of India has sold its entire stake in credit information provider CIBIL. Reuters
SummaryCentral Bank of India has sold its entire stake in credit information provider CIBIL...

State-run Central Bank of India has sold its entire stake in credit information provider CIBIL to Transunion International Inc. for an undisclosed amount.

"Central Bank of India has informed BSE that after due approval, Central Bank of India has sold its entire stake in Credit Information Bureau of India Limited (CIBIL) to Transunion International Inc (FII)," it said in a BSE filing.

CIBIL collects and maintains records of an individual's payments of loans and credit cards. Records are submitted to CIBIL by banks and other lenders on a monthly basis.

Such information is used to create Credit Information Reports (CIR) and credit scores which are provided to lenders to help evaluate and approve loan applications.

Central Bank had a 5 per cent stake in CIBIL, as per information available on the website of the credit scorer while Transunion is the majority shareholder in CIBIL at 27.5 per cent.

Among others, Bank of Baroda, Bank of India, Punjab National Bank, Union Bank, Citicorp Finance (India), HSBC, Standard Chartered Bank, Indian Overseas Bank and HDFC Ltd each hold 5 per cent stake in CIBIL, the website shows.

State Bank of India and ICICI Bank carry 10 per cent each, while rest of 2.5 per cent is with Sundaram Finance Ltd. Shares of Central Bank today closed 1.79 per cent up at Rs 45.55 apiece on the BSE.

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