SocGen takes full control of Apeejay Finance

Societe Generale (SocGen), the second largest diversified financial services group in France, has bought out the remaining stake in Kolkata-based non-banking finance company Apeejay Finance (now Family Credit).

Eric Dhoste, chief executive & group country head-India, SocGen, said, "Societe Generale now owns 100 per cent in Family Credit." He, however, refused to divulge the amount paid for the acquisition.

Following the purchase, Apeejay Finance, the financial services arm of the Apeejay Surrendra Group, has recently restructured its ownership. SocGen, which had bought 75 per cent stake in Apeejay Finance last year, acquired the remaining 25 per cent recently, sources said.

SocGen has been in India and has been aggressively expanding its operations here before it bought the stakes held by the Delhi-based Burmans and the Apeejay Group in the NBFC through different tranches.

Sources said Apeejay Surrendra Group, which has mainly interests in tea, hospitality, shipping and real estate exited from its financial subsidiary as it wasn't part of their core business.

SocGen plans to have more than 100 branches over the next couple of years through Family Credit, which has about Rs 400 crore worth of assets under management.

The French bank today also signed a co-operation agreement with Ashok Wadhwa-promoted Ambit to offer cross border merger and acquisition advisory services to their respective European and Indian clients.

"This strategic alliance with Societe Generale will allow us to leverage our strength for large transactions," said Wadhwa, managing director, Ambit Holdings.

At present, SocGen has seven business units in India including retail banking, corporate & investment banking, Asset Management Company (joint venture with SBI), BPO and SG Asia Securities offers derivatives and program trading products.

---

IN THE DRIVER'S SEAT

SocGen, which had bought 75 per cent stake in Apeejay Finance last year, acquired the remaining 25 per cent recently

Following the purchase, Apeejay Finance, the financial services arm of the Apeejay Surrendra Group, has recently restructured its ownership

SocGen has been has been aggressively expanding its operations in India

The French bank today also signed a cooperation agreement with Ashok Wadhwa-promoted Ambit