The DCB Bank limited and the Annapurna Microfinance Private limited on Thursday announced that the DCB Bank has acquired an equity stake of 5.81 per cent for Rs 9.99 crore in the Odishsa-based Annapurna Microfinance Private limited.
DCB Bank MD and CEO Murali M Natrajan said the initiative of acquiring a strategic equity stake in Annapurna further strengthens the business partnership. DCB Bank has a meaningful presence in microfinance segment which helps to achieve its financial inclusion goals.
Annapurna Microfinance Managing Director Gobinda Pattnaik said, “We are really happy that our long standing business relationship with one of our most valuable banking partner is taking a new shape by way equity partnership. This capital infusion is a mandate for growth. It will help in striving forward to achieve our goal of serving the financially underserved.”