AU SFB expects to complete Fincare SFB merger by March 2024: Agarwal

AU Small Finance Bank (AU SFB) expects to complete its Fincare SFB deal by end March next year, said its MD & CEO Sanjay Agarwal on Thursday.

The move to merge Fincare SFB with itself will lead to AU SFB getting an additional 50 lakh customers, taking the overall customer base to about 1 crore, said Agarwal at an event to mark the launch of a co-branded travel credit card with leading travel platform ixigo.

Agarwal said AU SFB wants to in the next ten years emerge as the finest retail franchise in the country. 

“I will not go anywhere till I make AU one of the most sought-after, one of the most formidable, and one of the most respected franchise of the country,” said Agarwal. AU SFB -Fincare SFB merger was announced few days ago. 

As of end September 30 this year, AU SFB has loan book of about ₹ 65,000 crore, of which, the unsecured book is only about 3 per cent. Agarwal said care will be taken to ensure that the proportion of unsecured book does not go above 6 per cent levels in the coming days.

AU SFB already has its own credit card, and the partnership with ixigo is the first co-branded card to be launched. Even for ixigo, this is their first partnership with a bank for a Co-branded card.

Aloke Bajpai, co-founder, ixigo, said: “We are thrilled to partner with AU Small Finance Bank for the launch of our co-branded credit. This collaboration marks a significant step in our mission to offer travellers a seamless, rewarding and memorable journey.”