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HSBC acquires stake in Credit Information Bureau (India) Limited
19 May 2005
The Hongkong and Shanghai Banking Corporation Limited has acquired five per cent of the paid-up capital of Credit Information Bureau (India) Limited (CIBIL) for a total consideration of Rs25 million (US$575,000).
Established in April 2004, CIBIL is India’s first credit bureau. It comprises a consumer credit bureau and a commercial credit bureau which manage positive and negative credit information in relation to personal and commercial borrowers. Information held on CIBIL’s centralised database is only available to CIBIL members, of which there are currently over 100.
Nicholas Winsor, head of personal financial services at HSBC India, said: “The consumer credit market in India has considerable room to grow before it reaches the levels witnessed in developed economies. HSBC’s experience in other markets has shown us the benefits and importance of having robust, industry-wide customer data, and is one of the main reasons for our investment in CIBIL.”
The Hongkong and Shanghai Banking Corporation Limited in India offers a full range of banking and financial services from 40 branches across 20 cities. HSBC has a credit card base of some 800,000 customers in India and is one of the leading credit card merchant acquirers in the Indian credit card industry.
Media enquiries to pressoffice@hsbc.com.
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