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SBI, Carlyle Group End SBI Card Stake Sale
December 18, 2017
Public Sector State Bank of India and global investment firm Carlyle Group announced that they have finalized the acquisition deal of the SBI Card, which is the second largest card issuer in the country. They both now own 74% and 26% stake in the company respectively.
SBI Card was earlier owned by SBI Bank and GE Capital in a 60%-40% partnership. However, in July 2016, the former started looking for a replacement for the latter, which is only accomplished now.
