Centbank to increase stake in housing arm
By Joseph Samson
Aug 4, 2009
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State-run Central Bank of India has revealed its plans to increase its stake in its housing finance arm Centbank Home Finance.

The bank currently holds 59 percent stake in the housing finance venture.

"The restructuring is aimed at making the housing company supplement Central Bank's presence in home finance in a better way," S. Sridhar, chairman and managing director, Central Bank.

"The bank is planning to acquire the stakes of its two partners - Special Undertaking of UTI (SUUTI) and Urban Development Corp Ltd (HUDCO) - in Centbank Home Finance," added Sridhar.

On an earlier occasion, the bank revealed its plans to scale up its retail-lending portfolio to 15 percent during current fiscal.

Recently, the bank has launched a new credit scheme "Cent Kisan Gold Card" for the extending credit to farmers.

The bank has also entered into an alliance with Tata Motors to extend car loans to prospective car buyers.

Headquartered at Bhopal, Cent Bank Home Finance, a subsidiary of Central Bank was set up in 1989. Presently, the percentage holding of HUDCO in Centbank Home Finance is 16 percent while that of SUUTI and NHB are 9 percent and 16 percent respectively.


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