The Executive Committee of the Central Board (ECCB) of the State Bank of India (SBI) has accorded approval to the Bank for acquiring the entire 20 per cent stake held by SBI Capital Markets (SBICAPS) in SBI Pension Funds.
The acquisition by the Bank is subject to receipt of all regulatory approvals, SBI said in a regulatory filing.
Currently, SBI has a 60 per cent stake in SBI Pension Funds, with the balance stake being held by SBICAPS (20 per cent) and SBI Funds Management (20 per cent).
SBICAPS is a wholly-owned subsidiary of SBI. It provides Investment Banking and Corporate Advisory Services to its clients. SBI Pension Funds is a Pension Fund Manager (PFM), managing the pension corpus under the National Pension System (NPS).
SBI Pension Funds earned a net profit of ₹53.51 crore for FY2023. The total Assets Under Management (AUM) of the company as on 31st March 2023 was ₹3,39,006 crore (YoY growth of 20.01%).