SBI To Sell 49% Stake in Investment Arm SBI Capitals
Country's largest public sector bank, State Bank of India (SBI) is selling 49% stake in its investment banking subsidiary SBI Capital Markets ( SBI Caps) while looking for a joint venture. The stake sale will be a part of 20,000 crore capital raising exercise by the lender of fiscal 2019 to fund growth.
The Bank is looking forward to a merger with its advisory businesses of SBI Caps. Chairman Rajnish Kumar said, "This year, we will be looking at bringing in a partner for SBI Caps. We will be shedding 24-49% stake.” Moreover, the bank is also proposing to sell its 3 to 5 % stake in SBI General Insurance in FY 18.
Kumar also added that they are looking forward to SBI Caps as a pure investment bank. Additionally, SBI had got its subsidiary Life listed through an offer for sale of its ow...