India: IDFC Bank picks nearly 10% stake in microfinance company ASAI India

Newly launched private sector IDFC Bank has acquired a 9.99 per cent stake in ASA International India Microfinance (ASAI India) for nearly $1.3 million (Rs 8.5 crore), according to a report in The Economic Times.

The acquisition, which marks the first investment by the lender in a microfinance institution, will give IDFC Bank a seat on the board of ASAI India and also access to banking operations in the country’s eastern region.

IDFC Bank, subsidiary of infrastructure company IDFC Ltd, started operations in October last year with 23 branches across India, 15 of which are spread across three districts of Madhya Pradesh. The bank’s business units include bharat banking, personal and business banking and commercial and wholesale banking.

The Reserve Bank of India granted a universal banking license to IDFC Ltd in July, 2015. IDFC Ltd. demerged on October 1, 2015, transferring all assets and liabilities of its lending business (“Financing Undertaking”) to IDFC Bank Ltd. The bank is listed on both the stock exchanges – Bombay Stock Exchange and National Stock Exchange.

ASAI India is a division of Dhaka-headquartered ASA with operations dominant in the northeast. The company has 104 branches spread across 22 districts of West Bengal, Assam, Tripura, Bihar and Uttar Pradesh at present. It had over 1.3 lakh borrowers at the end of December, a total loan portfolio of over Rs 60 crore and 400 employees, including 241 loan officers, the report added.

ASA currently operates in over 12 countries plans to disburse $2.5 billion in loans among 6.6 million clients in 2015-16.

Also Read: India: Corporation bank to acquire 4% stake in Nomura Mutual Fund

Indian government considers stake sale in Axis Bank for nearly $1.7b

India: Union Bank gets CCI nod to buy out partner stake in asset management JV

 

 

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.