Carlyle Affiliate to Buy 26 Percent in State Bank of India Credit Cards JVs

7/23/17

An affiliate of buyout firm Carlyle (CG.O) will buy a 26 percent stake in each of two credit card joint ventures of State Bank of India (SBI.NS), the top Indian lender said on Friday.

After GE Capital, SBI’s partner in the two joint ventures — SBI Cards & Payment Services Ltd and GE Capital Business Process Management Services Ltd — decided to exit the businesses as part of a global plan, the Indian lender in March said it would increase its shareholding in both companies to 74 percent.

In a regulatory filing on Friday, the bank said it would sign a shareholder agreement with CA Rover Holdings, an affiliate of buyout fund Carlyle Asia Partners IV, for the remaining 26 percent stake in the two companies.

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