Carlyle (Asset Management Company) picks GE Capitals (Financial Services unit of American MNC General Electric) 26% in SBI Cards form General Electric Capital for an undisclosed amount. This move was taken after the largest lender of India decided to uplift its stakes in JV cards to reach 74%. However, this deal was not public yet, as per sources Carlyle (Asset Management Company) would be paying close to Rs 2,000 crores i.e. 300 million dollars to make this transaction.
SBI cards is the second largest company in the cards section with a market share in India that is handled by a 19 year old Joint Venture of GE Capital and SBI Cards & Payment Services. This joint venture is to offer credit cards in India and process smooth card transactions.
This company was started in 1998 and has a base of 4.8 million users in the market and yet another million to add in by next year. SBI cards has around 16% to 17% market share in the country that is with an annual growth of 30%.