Japan’s Mizuho Bank has acquired a 15 percent stake in Credit Saison (CS) India for Rs 1,200 crore, announced the digital non-banking finance company on Tuesday.
This marks the first investment from an external investor for Credit Saison’s India division, as stated in a press release by CS India.
The strategic investment is expected to bolster CS India’s journey towards establishing a well-diversified and resilient lending franchise, with a keen focus on growth and profitability, the statement added.
CS India obtained its Non-banking Finance Company (NBFC) license from the RBI in September 2019, initially concentrating on wholesale lending and forging tech-integrated partnerships with other NBFCs and fintech firms. Over time, it expanded its operations to include retail lending through partnerships.
Presently, CS India boasts 1.2 million active loans valued at over Rs 10,000 crore, affirmed Presha Paragash, Chief Executive of CS India.
Mizuho Bank, the retail and corporate banking arm of Mizuho Financial Group, has made this significant investment in CS India, the domestic arm of Saison International, one of Japan’s largest lenders.