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CBI, PNB sell stake in CIBIL

EmpowerCentral Bank of India has sold its entire stake in Credit Information Bureau of India (CIBIL) to Transunion International for an undisclosed amount. The bank told the Bombay Stock Exchange that it has sold its entire stake in CIBIL. The bank had a 5% stake in CIBIL while Transunion is the majority shareholder in CIBIL with 27.5%. Among other stake holders are Bank of Baroda, Bank of India, Union Bank, Citicorp Finance (India), HSBC, Standard Chartered Bank, Indian Overseas Bank and HDFC Ltd each having 5% stake in CIBIL. State Bank of India and ICICI Bank hold 10% each, while rest of 2.5 per cent is with Sundaram Finance. Punjab National Bank, which also had 5% stake in CIBIL, had sold it to Transunioin earlier. Central Bank of India is said to have offloaded the stake in order to meet the cost of financing its huge non-performing assets. Transunion has been planning raise its stake after the government increased the limit for foreign direct investment in credit information companies to 74% from 49%. Cibil is India’s largest credit bureau and commands nearly 90% market share.

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