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.
