Equifax Signs Share Purchase Agreement For Its Indian Subsidiary Leading To 100% Ownership
Equifax® (NYSE: EFX), a global data, analytics and technology company, today announced that it has signed a definitive agreement to increase its ownership of Equifax Credit Information Services Private Ltd. (ECIS) to 100%. ECIS is a leading Indian credit information company. The transaction emphasizes Equifax’s proactive investment in the Indian lending industry.
Since 2010, ECIS has operated as a joint venture between Equifax and leading Indian financial institutions, including State Bank of India, Bank of Baroda, Bank of India, Kotak Mahindra Prime Limited, Sundaram Finance Limited and Union Bank of India. Following this transaction, ECIS will be 100% owned by Equifax.
“This investment represents the strong confidence that Equifax has in India’s economy and ECIS’s growth potential,” said Mark W. Begor, Equifax CEO. “We appreciate the support of our joint venture partners, customers and employees over the last decade in India. This transaction emphasizes Equifax’s focus on expanding our footprint globally as a leader in differentiated data, advanced analytics, and technology that create innovative solutions and insights for our customers.”
Over a decade of presence in India, ECIS has brought many innovations in data and analytics to the Indian lending space. It is now a full service credit bureau offering its services to all segments of the lending industry – Retail Banking, Microfinance Institutions (MFI) and Commercial.
Source: Equifax Inc.