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2010-10-22

Central Bank and Bajaj Finance bond

To co finance retail and SME loans.

Mumbai, Oct 21 (PTI) Public sector Central Bank of India and Bajaj Finance, a leading non-bank finance company, today got into an alliance to co-finance retail and SME loans. The tie-up is a first-of-its-kind in the industry .  As per the tie-up, the assets would be partially assigned to Central Bank of India on a periodic basis and the administration and servicing of these loans would be managed by Bajaj Finance Bajaj Finserv's Managing Director, Sanjiv Bajaj, has estimated the co-financing could go upto Rs 1,000 crore over the next 18 months. "Our estimates for the co-financing relationship would be to assign Rs 1,000-crore of co-financing loans over the next 18-months. Bajaj Finance's alliance with Central Bank of India is strategic as it creates another business model to grow our lending business further," Sanjiv Bajaj said.

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