The Hindu BusinessLine: May, 2014
Mumbai: TransUnion, a global credit and information services firm, today announced that it owns 55 per cent stake in Credit Information Bureau (India) Ltd (CIBIL) with majority ownership.
TransUnion has been accumulating additional holdings in CIBIL in recent years and received regulatory approval to achieve majority ownership in the organisation. TransUnion has been active in the Indian marketplace since 2001 as CIBIL’s technology, analytics and decision partner as well as a shareholder, the company said in a statement.
“TransUnion and CIBIL both have a long history of effectively leveraging information for the benefit of the customers and institutions we serve,” says David Neenan, president of TransUnion International.
TransUnion has worked with CIBIL on its business, product, sales and operations strategy for more than a decade, helping to launch the market’s first generic scoring model and establishing an industry-leading fraud database.
By using the CIBIL TransUnion Score, financial institutions gain by faster, better risk decisions while reducing the inefficiencies associated with manual subjectivity, errors and limited information.
“The shift in majority ownership represents the culmination of 13 years of close collaboration and partnership between TransUnion and CIBIL,” says CIBIL Managing Director Arun Thukral. “Following the integration, the Indian credit information industry will benefit by way of access to TransUnion’s diverse solution suite.”
JM Financial Institutional Securities Ltd acted as the sole financial advisor to TransUnion for the transaction. P&A Law Offices acted as the legal counsel.