Softbank investing Rs 2,800 crore in Indiabulls Housing’s associate OakNorth bank
Softbank is investing Rs 2,800 crore of equity capital in Indiabulls Housing Finance’s associate OakNorth bank, a commercial bank in the UK. OakNorth bank is the fastest growing new bank in Europe leveraging technology tools for fast and efficient disbursals to the SME sector wherein the entire deposits for the bank come by way of digital channels.
The current loan book of OakNorth bank is Rs 21,390 crores and the bank has no delinquencies as on date. Acorn machine, the proprietary technology of the bank provides a technology platform to other banks for SME lending and charges a fee on the throughput lending business done by banks on its platform.4
Indiabulls Housing Finance is the second largest private housing finance company in India, regulated by the National Housing Bank (NHB).
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