Sundaram BNP Paribas Home Finance is now Sundaram Home Finance
BNP Paribas Personal Finance agreed to sell its 49.9% stake in Sundaram BNP Paribas Home Finance.
The move to change the name follows the receipt of regulatory approvals relating to the acquisition by Sundaram Finance of BNP Paribas Personal Finance's stake in Sundaram BNP Paribas Home Finance Ltd.
In June, Sundaram Finance and BNP Paribas Personal Finance had reached an agreement whereby BNP Paribas Personal Finance agreed to sell its 49.9 per cent equity stake in Sundaram BNP Paribas Home Finance Ltd to Sundaram Finance Ltd subject to the regulatory approvals.
"The transaction was completed on September 30 after receiving all regulatory approvals. The name change is consequent to this," a company statement said on Tuesday. Following the acquisition of the stake, Sundaram Finance now holds 100 per cent stake in Sundaram Home Finance thus making Sundaram Home Finance a wholly owned subsidiary.
Meanwhile, the company said it elevated D Lakshminarayanan as whole-time director on the Board of Sundaram Home Finance last month. Prior to the new role, he was executive director. Sundaram Home Finance reported total income of Rs 1,006.27 crore and a net profit of Rs 145.48 crore in FY 2019.
The company has 115 branches across the country. Sundaram Home Finance, besides strengthening its presence in southern region, would be looking at expanding its presence outside South, the statement added.