Experian, the global information services company, announces that it has created a joint venture with seven of India’s leading financial services institutions: Axis Bank, Federal Bank, Indian Bank, Magma Fincorp, Punjab National Bank, Sundaram Finance and Union Bank of India. Experian will own 49% of the joint venture.
This follows the decision by the Reserve Bank of India (RBI) on 17 April 2009 to grant Experian a provisional licence to operate a Credit Information Company in India. The joint venture company will now apply to the RBI to secure a final licence.
Experian is one of only a select few companies to be granted a provisional licence to operate a credit bureau in India. The credit bureau will provide the platform to launch new data and analytics products in the Indian market, further extending Experian’s reach into emerging credit economies.
As of November 2009, the joint venture company, Experian Credit Information Company of India Private Limited, has gross assets of US$15m.
|Nadia Ridout-Jamieson||Director of Investor Relations||+44 (0)20 3042 4215|
|Alex Brog||Head of Media Relations|
|Rollo Head||+44 (0)20 7251 3801|
Experian announcements are available on www.experianplc.com.