Central Bank of India up 3%, sells entire stake in CIBIL

Central Bank of India   is on buyers' radar on Friday, rising nearly 3 percent after the bank offloaded entire stake in Credit Information Bureau of India. "After due approval, Central Bank of India has sold its entire stake in Credit Information Bureau of India (CIBIL) to Transunion International Inc (FII)," the company said in its filing. The bank was holding 5 percent stake in the company. CIBIL, founded in August 2000, is a credit information company. It collects and maintains records of an individual‘s payments pertaining to loans and credit cards. These records are submitted to CIBIL by banks and other lenders, on a monthly basis. This information is then used to create credit information reports (CIR) and credit scores which are provided to lenders in order to help evaluate and approve loan applications. Meanwhile,  Punjab National Bank also sold its entire shareholding (5 percent stake) in CIBIL to TransUnion International Inc (FII). The stake of TransUnion International Inc increased to 37.5 percent from 27.5 percent after selling stake by both state-owned banks. HDFC , Indian Overseas Bank , Standard Chartered Bank , Hong Kong and Shanghai Banking Corporation, Citicorp Finance India, Union Bank of India ,  Bank of India and  Bank of Baroda hold 5 percent stake each in CIBIL ( as per CIBIL website). India's largest lenders  State Bank of India and  ICICI Bank have 10 percent shareholding each in the company while  Sundaram Finance holds 2.5 percent. Source :  http://www.moneycontrol.com/news/buzzing-stocks/central-bankindia3-sells-entire-stakecibil_1051480.html