SBI to hike stake in credit card joint ventures to 74 percent

State Bank of India today said it will hike its stake in its two credit card joint ventures with General Electric Company to 74 per cent. SBI’s board has given approval to infuse Rs 1,160 crore in the two JVs – SBI Cards and Payment Services Pvt Ltd (SBICPSL) and GE Capital Business Processes Management Services Ltd (GECBPMSL)- through purchase of equity shares from GE Capital so as to increase the bank’s stake in both the companies to 74 per cent, SBI said in a filing to the BSE. The American company seeks to exit SBI Cards.