Dewan Housing Finance on Tuesday said it has acquired Deutsche Postbank Home Finance (DPHFL) for R1,079 crore. Along with Wadhawan Housing, Caledonia Investment and Amber, Dewan Housing has acquired a 100% equity stake in Deutsche Postbank Home Finance from BHW Holding of Germany, Dewan Housing Finance informed the BSE. Pursuant to the conclusion of the transaction, which took place on March 25, DPHFL has become a subsidiary of Dewan Housing, it said. The deal, considered as the largest-ever in Indias housing finance space, was announced in December.
BoBs Mallya to take over as IBA chairman
Bank of Baroda CMD MD Mallya will take over as chairman of the Indian Banks Association (IBA) from April 1. He will succeed O P Bhatt, who will be superannuating as chairman of State Bank of India on March 31, IBA said on Tuesday. PNB CMD KR Kamath has been appointed as deputy chairman of the IBA in place of Mallya.
United Bank plans foray into merchant banking
United Bank of India on Tuesday said it will foray into merchant banking and loan syndication business by this year-end. We do not have a presence there right now and will start operations by end of the third quarter of the next fiscal, the banks CMD Bhaskar Sen said. Considering its plans, the bank has initiated a slew of initiatives on the talent management and upgradation side and will soon be announcing an incentives scheme for its employees, Sen added.
SBI opens affordable housing loan cell
State Bank of India on Tuesday inaugurated its first affordable housing loan cell in Mumbai, which will provide a platform for its customers to interact with the bank. The first facility has been set up in Nalla Sopara where the bank has its branch. The facility will be set up near localities where affordable housing projects are undertaken. The cell is a distinct delivery structure, which has been designed to offer a simple model for appraisal/sanction methodology suited to the segment, a bank official said.
Muthoot Fincorp enters housing finance segment
Muthoot Fincorp on Tuesday announced its foray into the housing finance segment after securing licence from National Housing Bank (NHB). This is in line with our long-term expansion strategy. We see immense scope in the home loan market, especially in the low income segment. The idea is to be a facilitator to every Indian dream of owning a house, Muthoot Pappachan Group executive director Thomas Muthoot told reporters.
SKS Microfinance sells R550-cr securitised loans
SKS Microfinance said on Tuesday it sold securitised loans worth R550 crore in two tranches to banks.The company also said it sold securitised loans worth 600 million rupees to a non-banking financial company earlier this month.The transactions will further augment the liquidity position of SKS Microfinance, said CFO S Dilli Raj said.