ASA International Group (ASAI): India deconsolidation / ASA India sale
This situation live
ASAI ASA International Group
21 Oct 2025 · RBI discussions ongoing; completion likely 2026 · +17% until the next step
the Board now expects that the process to complete the sale of ASA India is likely to occur in 2026
29 Jan 2026 · No sale update; India still reported in the group · +9% until the next step
FY 2025 results remain subject to the completion of the Group's year-end audit process which will finalise certain adjustments relating to ASA India, hyperinflation accounting and tax provisions.
15 Apr 2026 · Deconsolidation targeted for end-2026 · −6% until the next step
India's performance in 2025 reflects the strategic decision to deconsolidate the operations from the Group, which is targeted to be finalised by the end of 2026.
30 Apr 2026 · Wind-down well advanced; exposure mostly removed · +17% until the next step
Major progress was made towards winding down operations in India ahead of full deconsolidation.
30 Jul 2026 · Run-off nearly complete; minimal income statement impact · +3% until the next step
As a result, there is now a minimal negative income statement impact from ASA India.
9 Sep 2026 · Run-off nearly complete; branches now zero · −5% since
India's performance during the period reflects the continued wind-down of these operations, which is targeted to be finalised in by the end of 2026.
India deconsolidation / ASA India sale
Run-off nearly complete; branches now zero
DEC31
Next: finalise India wind-down in 68 days
Every step · 6
- 21 Oct 2025 RBI discussions ongoing; completion likely 2026 – the Board now expects that the process to complete the sale of ASA India is likely to occur in 2026 ↗
- 29 Jan 2026 No sale update; India still reported in the group – FY 2025 results remain subject to the completion of the Group's year-end audit process which will finalise certain adjustments relating to ASA India,... ↗
- 15 Apr 2026 Deconsolidation targeted for end-2026 – India's performance in 2025 reflects the strategic decision to deconsolidate the operations from the Group, which is targeted to be finalised by the end of 2026. ↗
- 30 Apr 2026 Wind-down well advanced; exposure mostly removed – Major progress was made towards winding down operations in India ahead of full deconsolidation. ↗
- 30 Jul 2026 Run-off nearly complete; minimal income statement impact – As a result, there is now a minimal negative income statement impact from ASA India. ↗
- 9 Sep 2026 Run-off nearly complete; branches now zero – India's performance during the period reflects the continued wind-down of these operations, which is targeted to be finalised in by the end of 2026. ↗
What is happening
ASA International Group: India deconsolidation / ASA India sale – Run-off nearly complete; branches now zero. ['Run-off nearly complete; branches now zero']
- In short
- Wind-down of ASA India began in October 2025. By 30 June 2026 Gross OLP was USD 4.3m (USD 30.2m at Dec 2025), clients 10k (129k) and branches zero. The H1 results of 9 Sep 2026 add that India-related one-offs were favourable, lifting reported profit above underlying. Completion is targeted by end-2026.
- Announced
- 21 Oct 2025 · RBI discussions ongoing; completion likely 2026
- Latest
- 9 Sep 2026 · Run-off nearly complete; branches now zero
- Gross OLP
- USD 4.3m at 30 June 2026, from USD 30.2m at 31 December 2025
- Clients
- 10k at 30 June 2026, down 92% from 129k at December 2025
- Branches
- Reduced to zero (H1 2025: 157)
- P&L impact
- Favourable India-related one-offs; reported profit USD 45.6m vs underlying USD 34.3m
- India PAR>30
- 4.4% at June 2026, vs 0.7% at March 2026
- Next milestone
- Wind-down targeted to be finalised by end of 2026
What comes next
finalise India wind-down (31 Dec 2026).
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