Shinhan Bank Co., Ltd. (Shinhan Bank), is a multinational bank headquartered in South Korea and is part of the Shinhan Financial Group. Shinhan Bank commenced operations in India in 1996. It currently has six Indian bank branches in Mumbai, Pune, New Delhi, Poonamallee (Karnataka), Ahmedabad and Ranga Reddy (Telangana). Shinhan Bank’s Indian portfolio includes retail and corporate banking products and services.
HDFC Credila Financial Services Limited (HDFC Credila), is registered with the Reserve Bank of India as a non-deposit taking non-banking financial company, classified as NBFCMiddle Layer. It is primarily engaged in the business of providing education loans to Indians who wish to pursue higher education both in India and overseas. The proposed combination relates to the acquisition of up to approximately 11% shareholding by Shinhan Bank in HDFC Credila by way of subscription to shares of HDFC Credila. (Proposed Combination).
Detailed order of the Commission will follow.
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