State Bank of India and a Carlyle Group Entity Complete Acquisition of Stake in SBI Card
Mumbai – State Bank of India (SBI, NSE: SBIN) and The Carlyle Group (NASDAQ: CG) today announced that they have completed the acquisition of GE Capital Group’s (GE Capital) entire stake in SBI Card, the second-largest and fast-growing credit card franchise in India.
SBI Card is operated through two joint-venture companies, SBI Cards & Payment Services and GE Capital Business Process Management Services, which issue credit cards and process card transactions in the Indian market. SBI and Carlyle now own 74% and 26% respectively in each of the two entities.
Dinesh Kumar Khara, Managing Director, Risk, IT & Subs., SBI, said, “We are confident that we, together with Carlyle, will be able to take SBI Card to the next level of success. We have put the proper systems in place to increase our market share in the credit card business, and launched new initiatives to improve the synergy between SBI Card and the bank. We extend our heartfelt appreciation to GE Capital, the outgoing partner, who has progressively collaborated with us in building SBI Card to the level where it stands today and for completing the smooth transition together.”
Sunil Kaul, Managing Director of The Carlyle Group, said, “Today is an important milestone as SBI Card enters a new phase of development under this new partnership. Carlyle and SBI share the same vision for SBI Card and the credit-card industry and are very excited about the company’s growth prospects.”
“I would like to thank the State Bank of India for their support in finding a solution that works best for all parties and enabling GE Capital to fully exit our stakes in SBI Card and the card processing company,” said Rich Laxer, GE Capital Chairman and CEO. “State Bank of India has been a great partner over the last 19 years providing value for customers and we wish them continued success in the new partnership with Carlyle,” he added.
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About State Bank of India
State Bank of India (SBI), the largest commercial Bank in India, is an Indian multinational, public sector banking and financial services company. It is ranked 217th on the Fortune Global 500 list of the world's biggest corporations as of July 2017. It has a sizeable overseas presence with 198 offices in 35 countries across the world.
- Bank of India has a significant presence across the broad spectrum of the financial sector in India with subsidiaries / joint ventures in the area of life insurance, general insurance, investment banking, mutual funds, broking and depository services, custodial services, credit cards, pension fund management, factoring services etc.
On 1st April, 2017, SBI merged all five of its Associate Banks (State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore) and Bharatiya Mahila Bank with itself. With more than 24,000 branches and 59,000 ATMs, post-merger, SBI is poised to enter the league of top 50 global banks with a balance sheet size of INR 33,840 billion (USD 518 billion) over 270,000 employees and 420 million plus customers.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $174 billion of assets under management across 306 investment vehicles as of September 30, 2017. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,550 people in 31 offices across six continents.
About GE Capital and GE
The new GE Capital is aligned with GE’s industrial businesses to bring customers cutting edge financial solutions. Learn more at www.gecapital.com.
GE (NYSE: GE) is the world's Digital Industrial Company, transforming industry with software-defined machines and solutions that are connected, responsive and predictive. GE is organized around a global exchange of knowledge, the "GE Store," through which each business shares and accesses the same technology, markets, structure and intellect. Each invention further fuels innovation and application across our industrial sectors. With people, services, technology and scale, GE delivers better outcomes for customers by speaking the language of industry. www.ge.com.
State Bank of India:
The Carlyle Group
Phone: +852 2878 5236
Phone: +86 10 57067070
Phone: +91 22 6757 4275
GE India: Tarun Nagrani, +91 9953324517, email@example.com
GE Investor Contact:
Matt Cribbins, +1 203-373-2424, firstname.lastname@example.org
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