IDFC Bank has reportedly acquired a 9.99% stake in ASA International India Microfinance for about Rs 8.5 crore. This is the first investment by the lender in a microfinance institution. ASA International India is a division of Dhaka-headquartered ASA, which operates in over 12 countries and plans to disburse $2.5 billion in loans among 6.6 million clients in 2015-16.
ASAI India has 104 branches covering 22 districts in West Bengal, Assam, Tripura, Bihar and Uttar Pradesh. It had over 1.3 lakh borrowers at the end of December, a total loan portfolio of over Rs 60 crore and 400 employees, including 241 loan officers while, IDFC Bank started operations on October 1 this year with 23 branches, powered by TCS BaNCS.
