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The State Bank of India is going to hike its stake in its two credit card joint ventures with General Electric Company to 74 percent.
SBI has said in a BSE filing that the board has provided the approval to infuse Rs 1,160 crore in the two JVs (SBI Cards and Payment Services Pvt Ltd (SBICPSL) and GE Capital Business Process Management Services Ltd (GECBPMSL) by purchase of equity shares from GE Capital so as to increase the bank’s stake in both the companies to 74 percent.
At present, SBI holds 60 percent stake in SBICPSL and 40 percent in GECBPMSL. The balance being held by GE Capital in both the ventures.
