T T Srinivasaraghavan, managing director of SFL, said that Sundaram Finance and BNP Paribas Personal Finance had been working together over the past 15 years and BNP Paribas Personal Finance had added a lot of value to the technical aspects of the business.
"India is in an interesting phase in its economic journey. The financial services sector, specifically the housing finance sector, is poised for significant growth once the consolidation activity which is under way after the recent spate of volatility is completed. Given the strong synergy with the parent’s auto lending and related businesses, this will further strengthen our footprint in the retail financial services space," he said.
Sundaram BNP Paribas Home Finance Limited was incorporated on July 2, 1999, as a subsidiary of SFL to offer specialised housing finance services to the retail sector in India. SFL and BNP Paribas Personal Finance, a wholly-owned subsidiary of BNP Paribas France, entered into a joint venture agreement in 2007 under which BNP Paribas Personal Finance acquired 49.9 per cent equity stake in the company. With a focus on the south Indian market, the company in FY19, reported total income of Rs 1006.27 crore and a net profit of Rs 145.48 crore.
SBFS provides registrar and transfer agency services and other support services to mutual funds in India. Currently Sundaram Mutual Fund and BNP Paribas Mutual Fund are its major customers. In addition, it also provides back office support to over 25 private equity clients in India.