The State Bank of India and the Carlyle Group said they have completed the acquisition of GE Capital Group’s entire stake in SBI Card. SBI Card is operated through 2 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, MD, Risk, IT & Subsidiaries at SBI, said the bank together with Carlyle will be able to take SBI Card to the next level of success. He added that proper systems have been put in place to increase the market share in the credit card business and new initiatives are being launched to improve the synergy between SBI Card and the bank.
