State Bank of India said it will hike its stake in its two credit card joint ventures with General Electric Company to 74 per cent, reported PTI.
The American company seeks to exit SBI Cards.
SBI currently holds 60 per cent stake in SBICPSL and 40 per cent in GECBPMSL. The balance being held by GE Capital in both the ventures.
As per an agreement between SBI and GE Capital at the time of formation of SBI Cards, it was decided that whenever any party decides to exit the JV, the decision has to be on the basis of mutual understanding.
SBI, the nation's largest lender, entered credit card business in 1998 by roping GE Capital India, the consumer finance arm of US-based GE Capital.
Currently, SBI Cards' board has eight members, including three from GE Capital.