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MoneyWorks4Me

SBI gets nod to raise stake in cards biz

16 Mar 2017 Evaluate

State Bank of India (SBI) has received approval from executive committee of its central board for raising stake in credit card joint venture companies - SBI Cards and Payment Services and GE Capital Business Process Management Services to 74% each by infusing additional capital of Rs 1,160 crore.

The bank, however, did not give a break-up of the amounts it is paying to increase its shareholding in SBI Cards & Payment Services and GE Capital Business Process Management Services. Currently, SBI holds 60% stake in SBI Cards and 40% stake in GE Capital Business.

Peers
Company Name CMP
State Bank Of India 961.00
PNB 122.50
Bank Of Baroda 238.50
Canara Bank 118.35
Union Bank Of India 185.20
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