Bama Balakrishnan, CFO, Northern Arc Capital, said: “While there has been active business collaboration between Northern Arc and SMBC over the past few years, the investment will enable both institutions to reap strategic synergistic benefits. Northern Arc’s global visibility, access and profile will receive a massive boost with this transaction.”
“This partnership will also allow us to contribute meaningfully towards women empowerment, financial inclusion for the underserved Indian population and the sustainability of the Indian economy,” Masahiko Oshima, deputy president, SMBC, added.
So far, Northern Arc has enabled debt financing of over Rs 75,000 crore (around $10.5 billion) to 200 plus financial institutions catering to unbanked and under-banked customers, impacting the lives of over 43 million customers across more than 580 districts of India. It has also structured and executed over 500 capital markets transactions.