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With its long-time joint venture partner GE Capital deciding to exit the financing business globally, SBI Cards has started a valuation exercise for a possible new investor or a public offer.
“We have started a formal valuation exercise to arrive at our current market value. The exercise may take a month from now to complete,” SBI Cards & Payment Services Chief Executive Vijay Jasuja told PTI over phone from Gurgaon.
State Bank of India, the nation’s largest lender, entered the credit card business in 1998 by roping in GE Capital India. GE Capital owns 40 per cent stake, and the remaining stake is with SBI.
SBI Cards has around 3 million active credit cards in circulation, making it the third largest player in the sector after HDFC Bank and ICICI Bank with a market share of 15 per cent in FY15.
