State Bank Of India

State Bank of India (SBI) has received executive committee of central board’s approval to offload a 6 per cent stake in its mutual fund subsidiary SBI Funds Management through an initial public offer (IPO). SBI Funds Management is a Joint Venture between SBI and AMUNDI (France), one of the world's leading fund management companies.

Accordingly, SBI currently holds 63 per cent stake in SBI Funds Management and the 37 per cent stake is held by AMUNDI Asset Management through a wholly-owned subsidiary -- Amundi India Holding.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.