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State Bank of India’s credit cards business venture SBI Cards is likely to have finalised on private equity firm Carlyle as a new partner.
GE said it would also sell to an unnamed buyer its business that provides financing to Canada's hospitality and restaurant industries. The unit has about USD 300 million of loans.
Private equity purchases are set to reach a new high of USD 10.89 billion this year, surpassing the high water mark set in 2007, according to Thomson Reuters data. In 2014, private equity investments totalled just USD 6 billion.
The JV is operated through two companies - SBI Cards & Payment Services, which focuses on marketing and distribution of SBI credit cards, and GE Capital Business Processes Management Services that handles the technology and processing needs of SBI Card.
The deal, which includes the sale of healthcare-related loans worth USD 8.5 billion, brings GE one step closer to achieving its target of shedding about USD 100 billion worth of finance assets by the end of this year.
GE is pursuing negotiations to sell all or part of the business to Wells Fargo, with the talks also involving other bidders, the newspaper said, citing people familiar with the matter. Contacted by AFP, the huge US conglomerate declined to comment.
U.S. stock index futures pointed to a lower opening on Friday on investor concerns over reports of a regulatory clampdown on trading in China, a move that potentially would be negative for a recently flow of money into Chinese exchanges
SBI, the nation's largest lender, entered the credit card business in 1998 by roping in GE Capital India, consumer finance arm of GE Capital. GE Capital owns 40 percent stake, and the remaining stake is with SBI.
Close on the heels of large enterprises, another segment that is contributing to India's broad-based growth is the mid-market segment
The drug maker company, which had sold the stake to GE on October 31, 2012 for Rs 125 crore, has paid almost double to buy back this stake.
Drugmaker Biocon today acquired GE Capital's entire 7.69 percent stake in its research services subsidiary Syngene International for Rs 215.38 crore.
Genpact Ltd, a business process and technology services provider, posted quarterly profit that edged past estimates but forecast 2011 revenue below expectations as it continues to see longer sales cycles and smaller deal sizes.
