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Sumitomo Mitsui Banking acquires 5.4% stake in India's Northern Arc Capital

Sumitomo Mitsui Banking Corp. said it acquired a 5.4% stake in Indian nonbanking finance company Northern Arc Capital Ltd.

The amount of the investment was not disclosed.

The Japanese megabank aims to leverage Northern Arc Capital's expertise in small-business and agricultural financing to expand its operations in India, The Nikkei reported. The investment will make SMBC the seventh largest shareholder of the Indian company.

Unlisted Northern Arc Capital, a systemically important NBFC in India, helps other mid-to-small sized NBFCs and microfinance institutions to gain access to debt funding from domestic and international investors and lenders.