Carlyle, SBI buy GE Capital's stake in India credit card unit
The Carlyle Group and State Bank of India (SBI) have agreed to buy SBI Card, India’s second-largest credit card franchise, from GE Capital – the latest in a string of private equity transactions in Asia arising from General Electric’s decision to pare back its financial services interests.
SBI Card is operated through two joint ventures, both established in 1998: SBI Cards & Payment Services, which handles marketing and distribution of cards; and GE Capital Business Process Management Services,...
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