Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

Edelweiss Group, Bank of Baroda to co-lend to SMEs

Posted On: 2019-06-12 17:54:59

ECL Finance Limited, a subsidiary of Edelweiss Financial Services Limited and flagship NBFC of Edelweiss Group and Bank of Baroda, India's second largest public sector bank, today signed an agreement to form a strategic partnership to explore Co-lending / Co-Origination opportunities. With this partnership, ECL Finance Limited and Bank of Baroda will jointly offer loans and expertise for the growing needs of MSME and self-employed as well as priority sector groups.

Under the arrangement, both partners can widen their respective markets and offer timely delivery of credit to customers at a significantly lower cost.

Speaking on the development, Rashesh Shah, Chairman & CEO of Edelweiss Group said, "We are delighted to be partnering with Bank of Baroda in this excellent initiative by Shri P Jayakumar, MD. Bank of Baroda, in increasing the reach of credit to service the needs of a large section of India. I do believe that this model of partnership between banks and NBFCs is here to stay, truly democratising access to credit."

Speaking on the announcement, Vikramaditya Singh Khichi, Executive Director, Bank of Baroda said, "The SME sector is the backbone of the Indian economy, providing millions of jobs, and contributing a significant chunk to industrial growth and the country's exports. There is huge potential that is untapped in the SME space. Co-lending partnerships between large organisations like Bank of Baroda and leading players in finance like Edelweiss will contribute to the overall enhancement of the SME industry, as these enterprises need funding for adopting new technology that will enhance their growth and in turn boost India's economic growth."

Deepak Mittal, MD & CEO, ECL Finance added, "With this alliance, we expect to create a win-win situation for all three stakeholders - our customers, Bank of Baroda and Edelweiss. This partnership will help Edelweiss keep the needs of our customers foremost and provide them with affordable and timely credit while our proven ability in origination, credit assessment and monitoring asset quality will enhance the portfolio. We believe best use of technology will enable wide reach and enhance servicing capability to this underserved and socio economically important customer segment."

The Credit business has been a significant growth engine for the Edelweiss Group with the retail credit segment having grown to 50% of the total book at over INR 18000 crore at the end of FY19. The business has both size and scalability with a growing presence pan India. The overall Credit business has remained resilient amidst tough market conditions due to the sheer strength of its diversified business model, robust risk mitigation and credit assessment as well as superior asset quality and low NPA levels.

In recent months, the Edelweiss Group has cemented several partnerships with marquee global institutions including Caisse de dépôt et placement du Québec (one of North America's largest pension funds), Allianz Investment Management (part of Allianz Group, one of the world's largest insurers) and Bank of Singapore across market leading platforms in its NBFC ECL Finance, Private Debt and Wealth Management business. Recently, US-based Arthur J. Gallagher & Co. (one of the world's largest insurance brokerage firms) also announced that it will be acquiring a minority stake in Edelweiss Insurance Brokers Limited (EIBL).

Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs.180.5 as compared to the previous close of Rs. 183.9. The total number of shares traded during the day was 34931 in over 820 trades.

The stock hit an intraday high of Rs. 184.5 and intraday low of 180.1. The net turnover during the day was Rs. 6348034.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Infosys Inaugurates Arizona Technology and Innovation Center

SRG Housing Finance Ltd announces Q1FY20 results

Enabling SMEs to drive the Indian economy to a brighter future

Patel Engineering Ltd - Rights Issue Details

Alphageo India Ltd announces resignation of CFO

Jump Networks Ltd to acquire 1.9 crore shares of OnMobile Global Ltd

NCLT approves merger of Monsanto India Ltd and Bayer CropScience Ltd

Ahmedabad based Arman Financial reports 138% increase in Q1 FY20 profit after tax at Rs. 12.1 crore

Polygenta Technologies Ltd to stop operations temporarily for expansion project

Acuite Ratings upgrade rating of Dynacons Systems & Solutions Ltd

CARE Ratings downgrades rating of Reliance Home Finance Ltd to D

Ind-Ra revises long term issuer rating of Omax Autos Ltd

HUDCO recovers Rs. 253.83 crore

BEML has set up bogie traction motor run test facility for Metro

Info Edge (India) Ltd arm to invest Rs. 4 crore in ShoeKonnect

Bharat Electronics Ltd wins order for Akash Missile Systems for Indian Air Force

ICRA reaffirms rating of GNFC

Wipro Positioned as a leader in the IDC MarketScape for Utilities Customer Experience, Worldwide

CARE reaffirms rating of Arman Financial Services Ltd

TAAL Enterprises Ltd stops charter services temporarily

CARE assigns ratings to Lancor Holdings Ltd

S&P affirms credit rating of Indian Bank, revises outlook to Negative

Zensar to present 'Experience Enterprise Intelligence', platform suite at Oracle OpenWorld 2019

Lupin Receives Health Canada Approval for Propranolol Hydrochloride ER Capsules

APPCB asks Bhagiradha Chemicals & Industries Ltd to stop production

ITD Cementation India Limited has won orders valued over INR 1100 Crores

Bangalore Students emerge as 2nd Runners up of TCS EngiNX 2019

Reliance Capital receives overwhelming response from investors for 3rd OFS of RNAM shares

Opto Circuits India Ltd announces proposal of debt settlement with 3 banks

SEBI levies Rs. 10 lakhs penalty on ICICI Bank for delayed disclosure

Infosys Ltd board to consider Q2, H1 FY2019-20 results, interim dividend on Oct 11, 2019

Havells expanding its fan segment

UK-MHRA reinstates full GMP status for Indoco's Goa Plant I

Tata Elxsi to Demonstrate Streaming Services on Microsoft Azure at IBC 2019

Nila Infrastructures Ltd bags construction contract of Rs. 462.1 million from Dholera Industrial City Development Limited

Bank of Baroda to consider raising debt capital on Sep 18, 2019

Stillwater Insurance Chooses Majesco Claims for P&C on Majesco CloudInsurer™ and Majesco Enterprise Data Warehouse

USFDA inspects Unichem Laboratories' API facility at Roha

J Kumar Infraprojects Ltd receives LoA from MMRDA for Rs. 1998 crore project

Infosys Finacle Digital Banking Suite on Cloud Powers Transformation at Shivalik Bank

ICRA downgrades SICAL Logistics Ltd's ratings to ICRA D

PI executes an offer for acquisition of 100% stake in Isagro (Asia)

STL announces a path-breaking integrated software-defined solution for access networks

Titagarh Firema appoints Mr Luigi Corradi as its new managing director and CEO

CRISIL upgrades rating of Intellect Design Arena Ltd

FFSPL invokes shares of Premier Tissues India Ltd pledged by Ballarpur Industries Ltd

Biocon Licenses Three Generic Formulation Products to China Medical System Holdings

Recyclers Ghana limited enhances production capacity of its Lead Recycling Plant situated at Ghana, West Africa

Grovy India Ltd commences new project at New Delhi

Varun Beverages appoints GEM Enviro Management Pvt Ltd to comply with Plastic Waste Management

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019