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Breaking News Desk Editorial

SBI Boosts Stake in SBI Pension Funds to 80% with INR 229.52 Crore Investment

12/5/2023 1 min read

The State Bank of India (SBI) has announced plans to increase its stake in SBI Pension Funds by 20%, investing Rs 229.52 crore. Currently holding a 60% stake, the additional acquisition from SBI Capital Markets will raise SBI’s ownership to 80%, with SBI Funds Management retaining the remaining 20%.

The transaction, set to be finalized on December 15, received approval from both the Reserve Bank of India (RBI) and the Pension Fund Regulatory and Development Authority (PFRDA). SBI emphasized that the acquisition is conducted at an “arm’s length basis,” following a valuation report from Deloitte Touche Tohmatsu India.

As of October 30, 2023, SBI Pension Funds manages assets worth Rs 3.83 lakh crore. The move reflects SBI’s strategic expansion in the pension funds sector and aligns with regulatory approvals, positioning the bank as a significant majority stakeholder in SBI Pension Funds.

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BBW News Desk

BBW News Desk is the editorial team of BigBreakingWire, a digital newsroom focused on global finance, markets, geopolitics, trade policy, and macroeconomic developments.Our editors monitor government decisions, central bank actions, international trade movements, corporate activity, and economic indicators to deliver fast, fact-based reporting for investors, professionals, and informed readers.The BBW News Desk operates under the editorial standards of BigBreakingWire, prioritizing accuracy, verified information, and timely updates on major global developments.

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