The Times of India: June, 2014
Chennai: High Mark Credit Information Services (High Mark) recently announced the acquisition of majority stake by CRIF, a global company providing credit information services, decision support and software solutions.
Larry Howell is the chairman of the newly constituted board and Kalpana Pandey continues to be the chief executive officer and managing director. SBI Capital Markets Limited acted as financial advisor to High Mark for this transaction.
Europe-based CRIF was a strategic investor in High Mark and it has been able to increase its current holding subsequent to the Reserve Bank of India allowing a foreign credit information company to hold up to 74% in an Indian credit bureau.
"Our successful experience in delivering credit bureau solutions in countries like Italy, the Czech Republic, the Slovak Republic, Russia, Jamaica, Morocco, Benin, Vietnam, Bangladesh, Tajikistan and Indonesia make us confident that significant advantages will also be provided to Indian lenders and borrowers. On the one hand, the availability of a full credit history will give Indian citizens and businesses easier access to credit as well as providing more favorable conditions to reliable applicants. On the other hand, Indian banks and financial institutions will be more confident in their management of the financial exposure of consumers and companies and can avoid excessive risk assumption," Carlo Gherardi, chief executive officer, CRIF, said.
"We are excited about the new opportunity for CRIF in India, considering the high growth potential and the strategic importance of the country's credit market. Leveraging High Mark's experience and CRIF's proven track record in the development of credit information systems worldwide, the credit bureau will play an important role in the promotion of a more mature credit culture in the Indian economic system and sustain the financial needs of businesses and consumers." Larry Howell, chairman, CRIF International, said.