SBI Cards is a joint venture between State Bank of India and GE Capital to offer Indian consumers extensive access to a wide range of world-class, value-added payment products and services. The partners have set up two joint venture companies to develop a credit card business in India — SBI Cards & Payment Services, which focuses on the marketing and distribution of SBI Card and GE Capital Business Processes Management Services, which handles the technology and processing needs of SBI Card.
State Bank of India
State Bank of India is the country’s oldest and largest bank in terms of balance sheet size, number of branches, market capitalization and profits. It began as Bank of Calcutta in Calcutta on 2 June 1806. It presently has 82 foreign offices in 32 countries across the globe. It has also 7 Subsidiaries in India – SBI Capital Markets, SBICAP Securities, SBI DFHI, SBI Factors, SBI Life and SBI Cards.
Over the years, the bank has entered into many new businesses with strategic tie ups for Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services and structured finance products. The bank also has a vast rural banking base.
GE Capital
GE Capital has been operating in India since 1993. With AAA (CRISIL) credit rating, GE Capital combines local understanding with the global reach of GE to provide end-to-end financial solutions to meet the diverse needs of Indian corporate and retail customers.
GE Capital’s businesses in India are organized under various business units including those focused on corporate finance, asset-based lending, leasing, commercial distribution financing, energy and infrastructure projects financing, merger & acquisition financing, mortgages, loans and credit cards (through a eleven-year-old strategic joint venture with State Bank of India).
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