19th May 2005 16:15
HSBC Holdings PLC19 May 2005 HSBC ACQUIRES FIVE PER CENT STAKE IN CIBIL The Hongkong and Shanghai Banking Corporation Limited has acquired five per centof the paid-up capital of Credit Information Bureau (India) Limited (CIBIL) fora total consideration of Rs25 million (US$575,000). Established in April 2004, CIBIL is India's first credit bureau. It comprises aconsumer credit bureau and a commercial credit bureau which manage positive andnegative credit information in relation to personal and commercial borrowers.Information held on CIBIL's centralised database is only available to CIBILmembers, of which there are currently over 100. Nicholas Winsor, head of personal financial services at HSBC India, said: "Theconsumer credit market in India has considerable room to grow before it reachesthe levels witnessed in developed economies. HSBC's experience in other marketshas shown us the benefits and importance of having robust, industry-widecustomer data, and is one of the main reasons for our investment in CIBIL." Notes to editors: 1. HSBC in IndiaThe Hongkong and Shanghai Banking Corporation Limited in India offers a fullrange of banking and financial services from its 40 branches in the 20 cities ofAhmedabad, Bangalore, Chandigarh, Chennai, Coimbatore, Gurgaon, Hyderabad,Indore, Jaipur, Kochi, Kolkata, Ludhiana, Mumbai, New Delhi, Noida, Pune,Trivandrum, Thane, Vadodara and Visakhapatnam, and some 150 ATMs across thecountry. HSBC has a credit card base of some 800,000 customers in India and isone of the leading credit card merchant acquirers in the Indian credit cardindustry. 2. The HSBC GroupHSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 110million customers worldwide from over 9,800 offices in 77 countries andterritories in Europe, the Asia-Pacific region, the Americas, the Middle Eastand Africa. With assets of US$1,277 billion at 31 December 2004, HSBC is one ofthe world's largest banking and financial services organisations. HSBC ismarketed worldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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