State Bank of India (SBI) chairman Arundhati Bhattacharya recently said that it hopes to complete its proposed stake hike in its two credit card joint ventures with General Electric Company to 74% by June end.
It is said the country’s largest commercial bank has proposed to infuse Rs 1160 crore in two Joint ventures SBI Cards and Payment Services Pvt Ltd (SBICPSL) and GE Capital Business Processes Management Services Ltd (GECBPMSL). Currently, State Bank of India holds 60 % stake in SBICPSL and 40 % in GECBPMSL, the rest is being held by GE Capital in both of these ventures.
SBI had begun credit card business in 1998 by joining hands with GE Capital India, the consumer finance arm of US-based GE Capital. Currently, SBI Cards board has 8 members that include three from General Electric Capital.