SBI to increase stakes in credit card JVs to 74 %
DSIJ Intelligence / 16 Mar 2017
Increasing stakes upto 74 per cent each, SBI passed the approval to infuse Rs 1,160 crore in the two credit card joint ventures - SBICPSL and GECBPMSL by buying stakes from GE Capital.
In a bid to increase its stake in SBI Cards and Payments Services (SBICPSL) and GE Capital Business Processes Management Services (GECBPMSL) to 74 per cent each, SBI passed the approval to infuse Rs 1,160 crore in the two credit card joint ventures.
The buying of stakes, announced by SBI in its filing to BSE, will be processed through the purchase of equity shares from GE Capital.
GE Capital, the financial services unit of the American MNC General Electric is speculated to exit SBI Cards soon.
At present, SBI hold 60 per cent stake in SBICPCL and 40 per cent stake in GECBPMSL, while GE holds the rest of 40 per cent in SBICPCL and 60 percent in GECBPMSL.
SBI, the nation's largest lender is in credit card business since 1998 in joint venture with GE Capital India. Currently, SBI Cards board has eight members, three of them hailing from GE Capital.
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