SBI TO HIKE STAKE IN CREDIT CARD JV'S TO 74 PERCENT

SBI: State Bank of India BSE -1.74% said today that it will increase its stake in its two credit card joint ventures with the General Electric Company to 74 percent. SBI's board has given approval to infuse Rs 1,160 crore into the two joint ventures - SBI cards and Pvt payment services Ltd (SBICPSL) and GE CapitalBSE's 0.18% Business Processes Management Services Ltd (GECBPMSL) through purchase Of GE Capital shares as well.

To increase the bank's share in both companies to 74 percent, SBI said in a presentation to the BSE.The American company seeks to exit SBI cards. At present, SBI owns 60% of SBICPSL and 40% of GECBPMSL.read more