SBI MF to be listed within next 2 years: CEO
SBI Mutual Fund is a joint venture between State Bank of India and Amundi of France.
Ashwani Bhatia, Managing Director and Chief Executive Officer of SBI Mutual Fund said the matter was under discussion.
“Very soon. This is being talked and discussed. And, you should hear from us. Within the next two years for sure,” Bhatia told ETMarkets.com.
SBI Mutual Fund is a joint venture between State Bank of India and Amundi of France. Amundi holds 37 per cent stake in the venture. It is the largest equity investor among all asset management company with total exposure of about Rs 1.5 lakh crore. Overall, its assets under management stood Rs 3,17,627 crore at the end of September, making it the third largest fund housing in the country.
State Bank of India has been on a spree to unlock value in its subsidiaries. The lender listed its life insurance business in 2017. It offloaded another 4.5 per cent stake in SBI Life via offer for sale (OFS) route to raise nearly Rs 3,500 crore in September this year. This was done to bring down the promoter shareholding as per regulatory norms.
The bank is also planning to list its cards business. The lender seeks to raise Rs 8,000 crore from by selling 14 per cent stake in the company. The sale, if proceeds, will value the company at Rs 57,000 crore. SBI Cards is a joint venture where SBI owns 74 per cent. Buyout firm Carlyle, which owns the remaining 26 per cent, will likely sell a part of its holding in the upcoming IPO.