SBI rallies over 2% on report of stake hike in two credit card JVs
SBI has joint venture with diversified American conglomerate General Electric, as demonetisation increasingly drives consumers to spend online or through cards, three people with direct knowledge of the plan told ET.
By ETMarkets.com | Updated:
NEW DELHI: Shares of State Bank of India ( SBI) rose over 2 per cent in morning trade on Wednesday, after the country's biggest lender, is seeking to increase its stake in its two credit-card joint ventures.
SBI has joint venture with diversified American conglomerate General Electric, as demonetisation increasingly drives consumers to spend online or through cards, three people with direct knowledge of the plan told ET.
The Mumbai-based lender, wants to increase its stake to at least 51% from 40% in the back office and technology arm GE Capital Business Process Management Services, and to 74% from 60% in SBI Cards and Payments, which markets and distribute credit cards.
The ET report further quoted that SBI's move to enhance its stake in the credit-card ventures dovetails into U S industrial major General Electric's global strategy to exit financial services, a line of business the Boston-based maker of ultrasound equipment and artificial-lift machinery considers non-core.
SBI has joint venture with diversified American conglomerate General Electric, as demonetisation increasingly drives consumers to spend online or through cards, three people with direct knowledge of the plan told ET.
The Mumbai-based lender, wants to increase its stake to at least 51% from 40% in the back office and technology arm GE Capital Business Process Management Services, and to 74% from 60% in SBI Cards and Payments, which markets and distribute credit cards.
The ET report further quoted that SBI's move to enhance its stake in the credit-card ventures dovetails into U S industrial major General Electric's global strategy to exit financial services, a line of business the Boston-based maker of ultrasound equipment and artificial-lift machinery considers non-core.
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