(From left) Eric Dhoste, chief country officer (India), Societe Generale, with Jean-Francois Gautier, head of specialised financial services, and N.V. Swaminathan, CEO of Family Credit, in Calcutta on Monday. Picture by Kishor Roy Chowdhury

Calcutta, June 25: French conglomerate Societe Generale today rolled out finance products under the brand name of Family Credit.

Last August, Societe Generale acquired a 75 per cent stake in Apeejay Finance. The Dabur group, which wanted to pick up a stake in Apeejay Finance, had backed out. Consequently, the Paul family of the Apeejay group owns the remaining 25 per cent equity.

“We will start with Apeejay Finance products such as loans for cars, two-wheelers and consumer durables. However, we will add personal loans in the portfolio in a couple of weeks,” said N.V. Swaminathan.

According to Swaminathan, Societe Generale’s effective holding in the company stands at 89 per cent following a 20-million-euro capital infusion by the French parent.

Societe Generale will also approach the Reserve Bank of India to acquire the remaining 11 per cent stake from the Paul family who have got a put option to sell their balance holding in Apeejay Finance, according to Jean-Francois Gautier, head of specialised financial services, Societe Generale.

“We aim to disburse credit worth Rs 4,000 crore in three years,” Swaminathan said. “The company will also consider acquiring portfolios of other non-banking finance companies with similar lines of business. However, acquiring a company rather than its business portfolio makes more sense to us,” said Gautier.

Societe Generale is also looking at entering the life insurance segment and is in talks with a few companies. Gautier, however, declined to disclose the details.

The French company is already present in the country in investment banking and automotive fleet management business through wholly owned subsidiaries.

In asset management, it has a joint venture with the State Bank of India.

“We have recently entered stock broking for institutions and retail banking is next in our plan after consumer finance business,” said Eric Dhoste, chief country officer (India), Societe Generale.