May 24, 2017 6:42 AM ET

Consumer Finance

Company Overview of SBI Cards and Payment Services Private Limited

Company Overview

SBI Cards and Payment Services Private Limited focuses on the marketing and distribution of credit cards. The company offers lifestyle, reward, shopping, travel, and banking partnership cards for personal needs; and corporate, central travel, utility, and purchase cards for corporate needs. It provides utility bill payment, card payment, and value added services. The company was founded in 1998 and is based in Gurgaon, India. SBI Cards and Payment Services Private Limited operates as a subsidiary of State Bank of India.

DLF Infinity Towers

Tower C, 10th–12th Floor

Block 2, Building 3

DLF Cyber City

Gurgaon,  122002

India

Founded in 1998

Phone:

91 12 399 2854

Fax:

91 12 399 2794

Key Executives for SBI Cards and Payment Services Private Limited

Chief Executive Officer
Compensation as of Fiscal Year 2016.

SBI Cards and Payment Services Private Limited Key Developments

Carlyle Reportedly Frontrunner To Buy 26% Stake In SBI Cards

The Carlyle Group LP (NasdaqGS:CG) has emerged as the frontrunner to partner State Bank of India (NSEI:SBIN) in its credit cards business and replace long term partner GE Capital, said multiple sources aware of the matter. Ending months of negotiations, the preferred partner was shortlisted late last week, ahead of Credit Saison and US private equity group Warburg Pincus for the 26% stakes in each of the 2 joint venture entities that together form the SBI Cards business, valuing India's second -largest credit card player at close to INR 70.3 billion. Carlyle had tied up with Cognizant Technologies. Cognizant will however not bring in any equity but only provide technology support as a preferred vendor, added sources mentioned above. Carlyle and Cognizant declined to comment. The SBI Cards JV operates through two companies, SBI Cards & Payment Services and GE Capital Business Processes Management Services.

SBI Reportedly To Hike Stake In Two Credit Card Joint Ventures

State Bank of India (NSEI:SBIN) is reportedly seeking to increase its stake in its two credit-card joint ventures with General Electric Company (NYSE:GE), three people with direct knowledge of the plan told The Economic Times. The State Bank of India wants to increase its stake to at least 51% from 40% in GE Capital Business Processes Management Services Ltd. and to 74% from 60% in SBI Cards and Payment Services Private Limited. “The institutional and strategic bidders will now get a minority stake in the company as SBI wants to gain significant control of the business,” said one of three persons mentioned above. State Bank of India’s financial business in India, too, is a candidate for divestment, and the process has been on for the past six months. Barclays PLC (LSE:BARC) is advising State Bank of India on the proposed transaction, while Morgan Stanley (NYSE:MS) is helping General Electric Company. "SBI has expressed its interest to raise stake in both the joint ventures. This option is now looked at," another person apart from the source quoted above told ET. "In the back end, it would definitely be 51%, or even more." SBI and GE spokespersons, did not respond to e-mailed queries.

SBI May Raise Stake In SBICPSL And GECBPMSL

State Bank of India (NSEI:SBIN) is in talks to increase its stake in its credit card joint venture SBI Cards and Payment Services Private Limited (SBICPSL) as well as find a new strategic partner to replace existing partner GE Capital Services India Limited during the first quarter of 2017. State Bank of India will zero in on a new partner to replace GE Capital in GE Capital Business Processes Management Services Ltd. (GECBPMSL) which takes care of the technology and processing needs of SBI Card. SBI holds 60% stake in SBICPSL and 40% in GECBPMSL with the balance being held by GE Capital in both the ventures.

Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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