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2010-10-22

Central Bank and Bajaj Finance bond

To co finance retail and SME loans.

Central Bank and Bajaj Finance bond

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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