Societe Generale targets 4,000 crore advances in consumer finance

Kolkata, Jun 25(UNI) Societe Generale, a French global player in financial services, has targetted Rs 4,000 crore advances in consumer finance in the country in the next three to five years.

" We plan to to make Family Credit one of the major players in the consumer credit market offering auto loans and loans for two-wheelers and consumer durables. We expect Rs. 4,000 crore advances in this field in the next three to five years," Mr Jean-Francois Gautier, Head of Specialised Financial Services of Societe Generale Group, said here today.

Having entered the Indian market last year with a brand name of 'Family Credit' through acquisition of 89 per cent stake of NBFC Apeejay Finance, the company was also looking for an Indian partner to make foray in insurance business, he said.

" We are looking for an Indian partner for entering insurance business. This is necessary since there is a cap of 26 per cent on foreign investment in this sector," Mr Goutier said.

In reply to a specific question, he said if the company was able to manage a foothold in the insurance business, it would be in the credit insurance sector.

The Group also had in its mind the areas like retail and private banking. "But that is in the last leg of our expansion in India," Mr. Goutier said.

The Group manages subsdiaries in 22 countries, dealing in a wide range of financial services, including retail, corporate and investment banking, global investment management and services and consumer finance.

Headquartered in Kolkata, Family Credit is the first major global financial power house to choose the city as base for its Indian operation.

The company opened two new branches in Kolkata and was in the process of setting up another in Siliguri in North Bengal.

UNI