Union Bank of India and Ambit Finvest tie-up for co-lending to MSMEs

08 Mar 2022 CW Team

Union Bank of India has announced the signing of a co-lending agreement with Ambit Finvest Private Limited, an Ambit Group non-deposit taking non-banking financial company (NBFC) that lends to Micro, Small and Medium Enterprise (MSME) clients.

The partnership with Ambit Finvest Pvt Ltd is part of Union Bank of India's strategy to serve the most deserving and under-served businesses, according to Lal Singh, CGM, MSME, in a statement. This initiative is also part of the Union Bank's commitment to helping Small and medium-sized enterprises (SMEs) grow faster and contribute to the country's economic development by providing tailored financial solutions.

In the 11 states currently covered by Ambit Finvest, this alliance will ensure underwriting for originations, which will have a positive impact on MSMEs' credit worthiness. Many SMEs face higher interest rates or are denied banking services.

MSMEs will now benefit from a blended lower rate of interest, resulting in a lower cost of funds, allowing them to deploy capital more effectively in their businesses, thanks to this innovative lending model. Ambit Finvest will also be able to expand its MSME footprint through a co-lending partnership with Union Bank of India.

Union Bank of India, also known as Union Bank (UBI), is an Indian government-owned bank with more than 120 million customers and $106 billion in assets. With around 9500 branches, the amalgamated entity became the fifth largest public sector units (PSU) bank in terms of branch network after the merger with Corporation Bank and Andhra Bank, which took effect on April 1, 2020.

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Also read: Union Bank of India takes over NRDA's property after loan default

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