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Centrum acquires FirstRand’s microfinance biz

Centrum Microcredit, a subsidiary of Centrum Capital, will soon launch a microfinance business. The unit has received a licence from the Reserve Bank of India in this regard. Centrum Capital has already concluded an agreement with South African bank FirstRand Bank to acquire its Indian microfinance business, which has around 70,000 customers in Maharashtra region and employs over 300 people. Jaspal Bindra, executive chairman of Centrum Capital said, the company had seeded this business through an acquisition because to build a team for microfinance, it takes a few years and it is not like a bigger business where one can hire from existing players and bring people in. The acquisition is largely made to bring in the team and now, the company will leverage on the team. Centrum plans to grow the microfinance business and expand to other states by infusing additional capital and also by acquiring loan portfolios of other micro lenders, he added.

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