Shriram group mulls entry into banking sectorJuly 16th, 2008 - 6:23 pm ICT by IANS
Chennai, July 16 (IANS) With one crucial link missing in its financial business chain, the city-based Shriram group is contemplating entering the banking sector, a top official said here Wednesday. “We are in the process of appointing a consultant to suggest whether the group should enter the banking sector and if yes, then the mode of entry - acquiring an existing bank or floating a new one; on our own or partnering with any other party,” group chairman R. Thyagarajan told reporters while announcing the group’s foray into non-life insurance sector partnering with Santam, South Africa’s largest short-term insurer.
“For a long time, we have been faced with the question of entering the banking sector. We have decided to take a serious look at the possibility now,” Thyagarajan added.
Starting its operations as a chit fund company, the group has now grown into a financial conglomerate with presence in every aspect of financial activity except banking.
The group has presence in non banking finance, vehicle and consumer finance, life insurance, non-life insurance, stock broking, chit funds and financial product distribution.
In addition, the group is into property development and has made several industrial investments.
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- RIL calls off acquisition of Bharti AXA - Nov 25, 2011
- Shriram General to push unique business plan - Jul 16, 2008
- PNB to finalise life insurance joint venture - Jul 07, 2011
- ADAG takes a step forward to snap up Royal Sundaram - Jul 14, 2010
- Murugappa group not to exit insurance business - May 06, 2010
- Sundaram Finance to run mutual fund without foreign partner - Jul 15, 2010
- Government to expand banking, insurance services in northeast - Dec 10, 2011
Tags: banking sector, business chain, chit fund, chit funds, conglomerate, consumer finance, financial business, foray, group chairman, industrial investments, insurer, life insurance sector, long time, mode of entry, party group, presence, product distribution, santam, south africa, thyagarajan