The State Bank of India (SBI) is close to completing a search for strategic foreign partners for its factoring, asset management and investment banking affiliates. India's largest bank said the first of the alliances, which it would not identify, could be unveiled within two months.
AK Purwar, chairman, said the success of the existing partnerships had encouraged the bank to look for further collaborations. "We are looking for global partners of similar status [to SBI]."
But analysts doubt whether SBI will be able to replicate the success of its partnerships in insurance (with French company Cardiff), a nascent but growing sector, and in credit cards (with GE Capital), where SBI is close to overtaking Citibank as the second-largest issuer after ICICI Bank.
Source: Financial Times
