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• Business Partnerships
• HDFC Ltd
• Indusind Bank
• Romesh Sobti
IndusInd Bank to sell HDFC's home loans
Posted: Wed, May 4, 2011 | 6:51 PM IST
Mumbai, May 4: As part of its expansion plans, Indian private sector lender IndusInd Bank has tied up with country's largest mortgage lender Housing Development Finance Corporation (HDFC) Ltd to market and sell its home loan products.
Both the entities have inked a memorandum of understanding (MoU). As per the deal, the processing, disbursement and servicing functions for all home loans sourced by IndusInd Bank will rest with HDFC, IndusInd Bank stated in a press release.
“The tie-up with HDFC is an important milestone for IndusInd Bank. This strategic alliance is a part of our expansion strategy,” IndusInd Bank Managing Director and Chief Executive Officer Romesh Sobti.
The bank decided to tie-up with HDFC considering its number one position in the home-loan market and its best-in-class customer services, it said. The bank sees great synergy in the tie-up, Sobti said. This alliance will open up new markets and customers for both IndusInd Bank and HDFC, he added.
IndusInd Bank's full fiscal year 2010-11 net profit was at Rs 5.77 billion as compared to a net profit of Rs 3.5 billion previous year, with a growth of 64.80%. Full-year net interest income rose by 33% on-year to Rs 13.76 billion from Rs 8.86 billion.
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