SBI will buyout the entire stake of over 13 per cent held by three other banking partners in SBI Global Factors Ltd (SBIGFL), the bank said on Tuesday. The other three banking partners are SIDBI, Bank of Maharashtra and Union Bank of India.
The decision was taken in a meeting of the Executive Committee of Central Board (ECCB) of SBI held on March 29, 2022.
ECCB has accorded the approval “for acquiring the entire stake, i.e., 13.82 per cent of existing shareholders of SBI Global Factors Ltd (SBIGFL) namely SIDBI, Bank of Maharashtra and Union Bank of India subject to receipt of all regulatory approvals,” SBI said in a regulatory filing.
SBIGFL, a subsidiary of State Bank of India, is a non-banking financial company. It provides domestic and export factoring services under one roof.