Shriram group mulls entry into banking sector

July 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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