Several MNC and Indian banks are looking at picking up stake in Mumbai-based Global Trade Finance (GTF), a big player in the factoring business. Interested investors include Standard Chartered Bank, National Bank of Dubai and a few public sector banks. Currently, Export Import (Exim) Bank of India and IFC (Washington) hold 40% and 12.5% equity, respectively, in GTF. Both are looking at exiting the firm. Other shareholders are FIM Bank Malta with a 38.5% stake and Bank of Maharashtra (9%).
The factoring business in India is attracting major interest from overseas players because of growing trade and businesses. Bibby Financial Services, an Australian company, recently kicked off operations in the country even as a couple of others are looking at starting off operations.
(Source: Economic Times)
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