HomeSBI to sell 26% stake in payment services arm

SBI to sell 26% stake in payment services arm

After allotment of the shares, SBI shareholding in SPSPL will become 74 percent from existing 100 percent, the bank said in a statement.

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By PTI January 19, 2019, 9:23:42 PM IST (Updated)

SBI to sell 26% stake in payment services arm
State Bank of India (SBI) Saturday said Hitachi Payment Services (HPY) has agreed to pick up 26 percent stake in SBI Payment Services Private Limited (SPSPL), a card acceptance and digital payment platform. After allotment of the shares, SBI shareholding in SPSPL will become 74 percent from existing 100 percent, the bank said in a statement.



However, it did not disclose the financial details of the deal.

The JV will provide various payment options to customers and merchants focusing on areas such as rollout of a nationwide card acceptance infrastructure, quick response (QR) code acceptance, Unified Payment Interface (UPI), mass transit sector and e-commerce businesses.
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