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TransUnion hikes stake in Cibil

img_0056Global credit and information services company TransUnion has picked up an additional 7.5% stake in credit information company Cibil to take its holding to 55%. The US-based company said it has received regulatory approval to achieve majority ownership in Cibil. Standard Chartered Bank and the non-banking financial player Sundaram Finance are believed to have exited their entire 5% and 2.5%, respectively in Cibil. Details of the transactions like the amount paid for the stake were not immediately revealed. TransUnion has been working with Cibil since 2001 and has been raising its stake in the company for some time. With the government relaxing foreign direct investment limit in credit information companies to 74% last year, the decks were cleared for raising the stake. The rest of the shareholders will continue to hold their respective stakes in Cibil. This will be led by State Bank of India and ICICI Bank with 10% each, and Bank of Baroda, Bank of India, Union Bank of India, HSBC and Indian Overseas Bank 5% each.

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