VYSYA BANK SIGNS MoU WITH ING BARINGS FOR CONSUMER FINANCE

Article Abstract:

Vysya Bank has signed a memorandum of understanding with ING Barings of Netherlands to set up a joint venture consumer finance company. The housing finance division of Vysya Bank is likely to be merged with the new joint venture company. The financial services division of ING Barings will hold a 51 percent stake in the venture's equity of Rs40 crore while Vysya Bank will hold 49 percent. The company will provide financial assistance to all retail segments for acquiring white and brown goods and undertake mortgage in the housing sector. The company, which is expected to start operations in the third quarter of 1999-2000, will set up branches in six metros and later set up 14 centres in other cities. (khr)

Personal credit institutions, ING Barings N.V., INGB, Vysya Bank Ltd.

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GE CAPS, HDFC FIRM UP SEPARATE PLANS IN CONSUMER FINANCE

Article Abstract:

GE Capital Services (GCS) and Housing Development Finance Corporation Ltd (HDFC) plan a foray into consumer finance soon. Both the companies had exited from the partnership with Countrywide Consumer Financial Services Ltd (CCSFL). HDFC is likely to extend car and consumer loans to its existing home loan borrowers by June-July 1999. It has set a business target for consumer finance at Rs200 crore in the first eight to nine months of launch. GCS plans to merge its retail consumer finance operations which is under CCSFL and equipment and vehicle finance operations of GE Transport Finance Services Ltd into a single entity. The centralised office will be located in Chennai. (rk)(m)

General Electric Capital Services Inc., Housing Development Finance Corporation Ltd.

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COMING SOON: AUTOMATIC CAR PARKING

Article Abstract:

Calcutta will soon have a state-of-art car parking facility called Parkomat. Parkomat project will be set up through a joint venture between Aarding of Holland and Simplex Projects of Simplex Concrete Piles (India) Ltd (SCPI). SCPI is a member of BK Mundhra group. In the computerised Parkomat project, state government organisations like, Calcutta Metropolitan Development Authority, Calcutta Municipal Corporation are showing keen interest. (gs)

Comment:

Will set up Parkomat project, state-of-art car parking facility, through JV w/ Simplex Projects, India

Services introduction, Parking Lots, Parking Lots and Garages, Article, Aarding B.V., Simplex Projects

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