Friday, December 15, 2017

Carlyle Plans to Profit from Cashless India

The Carlyle Group announced the closing of its investment in cashless India.  Their press release stated

State Bank of India (SBI, NSE: SBIN) and The Carlyle Group (NASDAQ: CG) today announced that they have completed the acquisition of GE Capital Group’s (GE Capital) entire stake in SBI Card, the second-largest and fast-growing credit card franchise in India.
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. SBI and Carlyle now own 74% and 26% respectively in each of the two entities. 

Six months ago Carlyle co-founder David Rubenstein met with India's Prime Minister Modi   Carlyle is now part of Western firms who want to foist card fees on Indian citizens.

Update 4-9-22:  Carlyle exited SBI Cards.