Siemens sets up financial services arm in India

MUMBAI: German multinational Siemens today said it has set-up a financial services arm Siemens Financial Services Private Limited (SFSPL) in India.

The newly-set-up company has filed an application for a Certificate of Registration to commence business of a non-banking financial company with the Reserve Bank of India ( RBI), a press release issued here stated.

Subject to regulatory approval, SFSPL will focus on asset financing business by offering products such as loans, leasing solutions and hire purchase.

The company aims to provide financing offerings to Siemens customers in India, particularly in the healthcare, industry and energy sectors, the release said.

Sunil Kapoor has been appointed as the CEO of the company based in Mumbai.

The Siemens division Financial Services (SFS) is a global provider of financial solutions in the business-to-business segment.

With over 2,000 employees and an international network of financial companies, SFS supports Siemens as well as non-affiliated companies, focusing on the three sectors of energy, industry and healthcare.

SFS finances infrastructure, equipment and working capital and acts as a competent manager of financial risks within Siemens, the release said.