Mumbai: Indiabulls Housing Finance has changed its name to Sammaan Capital.
‘Sammaan’ the company explains means “respect,” “honor,” “courtesy,” and “dignity” in Indian languages. The new name aims to reflect its commitment to a customer-centric approach, pride in homeownership and business ownership, and dignified business conduct. As a lender, ‘Sammaan’ embodies its business values and operations said the company.
“Strategically, we will maintain a retail focus on affordable home loans and mortgage-backed loans for MSMEs. Our asset-light model will drive AUM growth through co-lending and sell-down partnerships with banks and financial institutions, with an emphasis on RoE growth.
“Over the past five years, we have built a strong balance sheet with high capital adequacy (30%+), low leverage (~2.0x), stable NPAs, and robust provisioning buffers. This solid foundation will continue to support our growth,” said the company in a statement.
The company said that over the course of this month it will operationalise the change in name across branches, its website, stationery etc. Customer outreach through appropriate campaigns across various media channels would also be undertaken through the course of this fiscal quarter
This year also marks the company’s 25th year of operation – the erstwhile Indiabulls Financial Services Limited, from which the company originates, was incorporated back in 2000. The change in name the company said is merely the latest milestone in its continuing larger journey towards what it called best-in-class corporate governance. “From a promoter-led and promoter-driven lender in its initial two decades of existence, over the last five years, the company has transformed itself into a board-run, professionally managed, diversely-held financial institution. In 2020, the erstwhile promoter relinquished his position as Chairman of the Board, and Mr. S.S. Mundra, ex-Deputy Governor of the RBI, took over as the [Independent, non-executive] Chairman. New independent directors with depth of experience in areas relevant to the business were inducted.
“In parallel, the erstwhile promoter pared his stake, and following his depromoterisation by the stock exchanges in February 2023, completely sold all his holdings and today does not hold a single share in the Company. The board now exercises effective oversight over all aspects of the Company’s operations through various board-constituted subcommittees, with key committees helmed by independent directors.”
