Chennai-based financial player, Shriram Group is planning to enter into home loan segment by December. At present the group is offering general and life insurance products. The group plans to offer housing and mortgage loans under Shriram City Union Finance. It is a non-banking financial services company that accepts deposits and offers personal loan, business loan, auto loan and loan against gold.
In the beginning Shriram City Union Finance will offer housing loans in south and western regions. Shriram Group founder R Thyagarajan said, “If we have to remain profitable, we can’t be just a life insurance or general insurance company. We need to be a distributor of multiple financial products.”
The Shriram Group will also expand its wealth management advisory services to tier-II and tier-III cities. Currently it is carrying out operations under Shriram Wealth Advisors in Mumbai which caters to high net worth individuals. Thyagarajan said, “Going forward we will take our wealth management expertise to tier-II and tier-III cities in Tamil Nadu, Andhra Pradesh and Karnataka.”
Although the group is expanding its array of financial products but it has no plans to enter into the health insurance sector. The company has also clarified that it is not entering into mutual funds and has not applied for license for mutual fund operations in a joint venture with Sanlam Group of South Africa.
He said, “We will never get into the health insurance segment as the Indian market needs to get more sophisticated as far as health insurance goes. And though we aim to offer an array of financial products, we have no plans of getting into mutual funds.”
Earlier in 2006 Shriram Group had ventured into the life insurance business through Shriram Life Insurance and general insurance business through Shriram General Insurance Company in 2008 and both of the business has been launched in a 74:26 joint ventures with the Sanlam Group of South Africa.
This year company is planning to expand its general insurance business to the Philippines and Indonesia.
Subscribe to:
Post Comments (Atom)
2 comments:
Visit http://www.sriloans.com we are specialists in securing competitive commercial finance for all our clients’ money that can help your business succeed. Our team of finance consultants is located in Chennai and possesses a unique blend of skills gained through many years experience in chartered accountancy, financial management, property finance, leasing and banking.
Visit http://www.sriloans.com we specialize in helping businesses looking for business financial services, working capital, equipment leasing, small business loans, commercial loans and other types of business funding that can not secure financing trough banks or traditional lenders.
Post a Comment