Slaughter and May advised GE Capital on the sale of its entire stake in SBI Card in India
Slaughter and May advised GE Capital Group (GE Capital) on the sale of its entire stake in SBI Card, the second largest credit card franchise in India, to the Carlyle Group (Carlyle) and the State Bank of India (SBI).
SBI Card is operated through two joint-venture companies, SBI Cards & Payment Services and GE Capital Business Process Management Services, which issue credit cards and process card transactions in the Indian market. Following completion of the transaction, SBI and Carlyle own 74% and 26% respectively in each of the two entities.
The transaction was announced on 21 July 2017 and completed on 15 December 2017.
SBI, the largest commercial Bank in India, is an Indian multinational, public sector banking and financial services company. It is ranked 217th on the Fortune Global 500 list of the world's biggest corporations as of July 2017. It has an overseas presence of 198 offices in 35 countries across the world.
Carlyle is a global alternative asset manager with $174 billion of assets under management across 306 investment vehicles as of 30 September 2017.
GE Capital is the financial services division of General Electric. It provides commercial lending and leasing, as well as a range of financial services for commercial aviation, energy and support for GE’s industrial business units.