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SBI secures approval to acquire 20% stake of SBI Cap
June 28, 2023
Largest public sector lender in India, SBI on Tuesday received approval of the Executive Committee of the Central Board (ECCB) to acquire the entire 20% stake held by SBI Capital Markets in SBI Pension Funds. In another development, S&P upgraded its rating on assessment of the stand-alone credit profiles (SACPs) of SBI.
The stake transfer would be subject to all regulatory approvals, SBI said in a regulatory filing.
SBI Pension Fund is the largest pension fund manager out of 10 managing about ₹3,59,040.81 crores of assets under management (AUM) with around 37 per cent market share as of May 31, 2023.
The pension fund manages over 48 per cent market share of AUM in the private sector.
The pension fund manages over 48 per cent market share of AUM in the private sector.
On BSE, SBI’s share price closed at ₹565.95 apiece, up by ₹8.85 or 1.59% on Tuesday. SBI is the largest lender in the public sector and second largest bank after HDFC Bank in terms of market share.
As of June 27, 2023, SBI’s market cap was over ₹5.05 lakh crore.
In another development, the S&P Global Ratings has revised upward assessment of the stand-alone credit profiles (SACPs) of SBI by one notch on Tuesday.
In its note, S&P said, “We revised upward our assessment of SBI’s SACP to ‘bbb’ from ‘bbb-‘ to reflect the bank’s lower credit risks and improving earnings. The bank’s risk-adjusted capital ratio should therefore stay above 5% over the next 12-24 months.”
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