Bangalore, Jan 08: Dewan Housing Finance Corporation on Wednesday announced acquisition of 85.91 per cent stake in Vysya Bank Housing Finance for Rs 23.19 crore. VBHF had a total asset base of around Rs 200 crore and customer base of about 7500, with 98 per cent of this in the retail segment, DHFL Managing Director Kapil Wadhawan and President of ING Vysya V Raghunathan said.
Wadhawan said DHFL had an ambitious plan to become a financial conglomerate in the next five years. While housing finance would continue to be the focus area, it was planning to launch a banking outfit as part of the diversification.

DHFL ventured into housing finance in 1984 and was now the second largest housing finance company in the private sector, Wadhawan said, adding with this acquisition, DHFL's asset base was expected to go up to Rs 1,300 crore by March.
Now that it has exited VBHF, ING Vysya will launch its own home finance products for the niche market -- middle income and high income groups, according to ING Vysya officials. Bureau Report