Client Stories
Transaction Accounting Advisory
One of India’s largest banks by assets is one of the 10 largest banks globally by market capitalization. The acquired company was the largest housing finance company in India. Through its subsidiaries, it was also engaged in the broader financial services business of life insurance, general insurance, asset management, private equity, and student loan financing.
The business situation
- The bank acquired the housing finance company and its subsidiaries
- The bank is listed on the Indian and US exchanges. Post-merger, the subsidiaries of the housing finance company are required to:
- Submit interim and annual Indian GAAP financial information for the bank’s reporting requirements in India; Compliance with regulatory reporting requirements to the Reserve Bank of India
- Submit semi-annual and annual US GAAP financial information for the bank’s US GAAP reporting requirements
- Standardization of processes and controls for compliance with the principles of Sarbanes Oxley Act, 2002
- Multiple reporting requirements, complexity of reporting, stringent timelines, and limited team bandwidth required the bank to seek external support to ensure it adhered to the statutory and regulatory reporting requirements.
The value our team added
- The bank completed the first interim reporting under Indian GAAP following the merger, within their stipulated timelines of SEBI requirements – this required significant optimization of interim reporting by the various subsidiaries.
- We assisted the subsidiaries by enhancing the SOX documentation, including remediation of design deficiencies.
- The first set of regulatory submissions to RBI were completed without any delay.
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