Equifax to raise stake in Indian subsidiary to 100%

Global data, analytics and technology company Equifax on Thursday said it will acquire 100 per cent stake in its Indian joint venture firm Equifax Credit Information Services Private Ltd (ECIS). Credit information company ECIS has operated as a joint venture between Equifax and leading Indian financial institutions, including State Bank of India, Bank of Baroda, Bank of India, Kotak Mahindra Prime Limited, Sundaram Finance Limited and Union Bank of India since 2010, Equifax said in a statement.

All Indian partners including Bank of Baroda, Kotak Mahindra Bank and Sundaram Finance Limited have decided to exit from ECIS. Following this transaction, ECIS will be 100 per cent owned by Equifax, it said.

Over a decade of presence in India, ECIS has brought many innovations in data and analytics to the Indian lending space, it said. It is now a full service credit bureau offering its services to all segments of the lending industry – Retail Banking, MFI and Commercial, it said.