The consumer finance division of the SG group of France has become highly active within India. They plan to offer finance for vehicles and two-wheelers to consumers, aiming to provide close to Rs. 400 billion in India in the next few years of its operations. The SG group is also dealing in stock broking, asset management, investment banking, private banking, information technology and business processing.
SG group has ventured into the rapidly growing consumer credit market in India, and have plans to construct a headquarters at Kolkata. The AIG Group has been approved by the RBI to set up a non-banking finance company (NBFC). AIG seeks to introduce its consumer finance and asset management businesses in India.
AIG Capital India plans to emphasize credit cards, mortgage financing, consumer durable financing and personal loans. Leading Indian and international concerns like the HSBC, Deutsche Bank, Goldman Sachs, Barclays and HDFC Bank are also waiting to be approved by the Reserve Bank of India to initiate similar operations.
AIG is presently involved in insurance and financial services in more than one hundred countries. The affiliates of the AIG Group also provide retirement and asset management services all over the world.
Many international companies have been looking at NBFC business because of the growing consumer finance market. Unlike foreign banks, there are no strictures on branch openings for the NBFCs.
GE Consumer Finance is a section of General Electric. It is responsible for looking after the retail finance operations. GE Consumer Finance also governs the GE Capital Asia. Outside the United States, GE Consumer Finance performs its operations under the GE Money brand.
GE Consumer Finance currently offers financial services in more than fifty countries. The company deals in credit cards, personal finance, mortgages and automobile solutions. It has a client base of more than 118 million customers throughout the world.
Last Updated on : 1st August 2013