The Carlyle Group completes partial exit in SBI Card through IPO

Mumbai – Global investment firm The Carlyle Group (NASDAQ: CG) announced that on March 16, it sold a 10% stake in its SBI Cards & Payment Services Ltd (SBI Card), the second-largest credit card issuer in India, through the largest Indian large-cap private sector initial public offering (IPO)[1] in a decade. Following the IPO, Carlyle continues to hold a 16% stake in SBI Card.

Carlyle acquired a 26% stake in SBI Card from GE Capital in December 2017. Equity for this transaction came from an affiliated entity of Carlyle Asia Partners IV, Carlyle’s fourth Asia buyout fund focusing on buyout and strategic investments across a wide range of sectors in Asia Pacific.

Sunil Kaul, Managing Director and Head of Southeast Asia of the Carlyle Asia buyout advisory team, said, “Over the last few years, we along with our partner and majority shareholder, SBI, worked to provide an enabling and constructive environment for SBI Card’s management as they focused on the long-term development of the company. Working alongside our partners, we leveraged our global network and operating experience in financial services and technology to help SBI Card further expand its business, build its data analytics and technology capabilities and most importantly, further enhance its customer experience. We take great pride in the achievements of the SBI Card management team, and have every confidence in this leadership team as the business moves to the next stage of evolution and growth as a public company.”

He added, “India has a significantly underpenetrated credit card market with strong tailwinds from rising incomes, favorable demographics and the ongoing digitalization of the economy. We are confident in the long-term fundamentals of the Indian credit card industry and SBI Card.”

The Carlyle Group has a well-established track record of investing in financial services, both in India and globally, fueled by a deep understanding of the market and an ability to create value through its operational expertise and close partnerships with management. In India alone, Carlyle has invested more than USD 1.5 billion of equity in a total of eight financial services companies.

Established in 2000, Carlyle is the longest-standing global private equity firm in India. With global resources, deep industry expertise and strong local knowledge, Carlyle has invested approximately USD 2.5 billion in India as of December 31, 2019. Its notable investments include SBI Life, SBI Card, Delhivery, Metropolis and Tirumala Milk Products.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $224 billion of assets under management as of December 31, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 32 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.

Media Contacts:

The Carlyle Group:
Tammy Li                                                      
Phone: +852 2878 5236                                 
tammy.li@carlyle.com                                                

Annabel Arthur
Phone: +852 2878 5239
annabel.arthur@carlyle.com

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[1] Source: Dealogic