Global credit information company TransUnion has increased its holding in Indian subsidiary Cibil. It is buying out ICICI Bank and Bank of Baroda and raising the stake in the company to 77.1%. ICICI Bank sold its 6% stake in the company, while Bank of Baroda has sold its 5% holding. The RBI had recently permitted 100% foreign direct investment in credit information companies subject to certain conditions like diversified ownership at the acquirer entity and directors’ nationality being Indian. Cibil, which began operations in August 2000, was formed as a joint venture between banks and TransUnion. Other banks, including State Bank of India and HDFC Bank, have sold stakes to TransUnion in the past.
