Nicco Uco Alliance Credit, incorporated in the year 1984, is engaged in financial activities. The company has business activities in leasing, investment in securities, bill discounting, inter corporate deposits and other fund and non-fund based activities.
The company has become the first finance company in the country to have participation of three prestigious foreign institutions i.e. International Finance Corporation - Washington, Sanpaolo Bank - Italy and Hambros Bank - UK, along with a nationalised bank i.e. Uco Bank, as its shareholders. The merger has augmented the company's resources and ushered in economies of scale in terms of managerial costs and infrastructure.
The Reserve Bank of India (RBI) cancelled the certificate of registration of the company to carry out non-banking financial activities vide its order dated March 31, 2005. In the same year, its non-performing assets touched Rs 2,250 million. As a result,its fund-based business came to a halt. The reason for mounting losses is due to non-creation of new assets and provisioning against non performing assets as per RBI guidelines.
In March 2008, the company entered into a strategic alliance with Westdeutsche Landesbank London for marketing its products in the country. It also entered into a working arrangement with Pricewaterhouse Coopers for implementation of a centralized web-enabled financial system. As the company could not service its fixed deposit holders, a draft scheme of arrangement for reorganization of share capital of the company and compromise with its fixed deposit holders was approved by shareholders. Necessary legal sanction is awaited.
The registered office of the company is located at 2, Nicco House, 2nd Floor, Hare Street, Kolkata 700001.
Business area of the company
The company’s principal activity is to provide financial services. The services include hire purchase, leasing, investment, corporate funding and fee based operation.
Certification / Recognition
ISO 9001 certificate by Standards Australia Quality Assurance Services (SAQAS) for its quality systems.
Nicco Insurance Agents and Consultants.