State Bank of India readies mutual fund JV for IPO – Bloomberg

State Bank of India is gearing up to list its mutual fund joint venture, which could raise around $1 billion, Bloomberg News reported Feb. 26, citing people familiar with the matter.

The bank is planning to tap investment banks for proposals and start the IPO process over the next few months, following discussions with its board and joint venture partner Amundi Asset Management SAS. SBI owns a 63% stake in the business, with Amundi Asset Management holding the remaining stake. The mutual fund is valued at about $7 billion, a source said.

This is part of the bank's strategy to further monetize its units after it divested stakes in its life insurance and cards businesses, the report said.

Negotiations over the IPO are still at an early stage and details could still change. A representative for the Indian lender did not immediately respond to requests for comment on the matter, Bloomberg added.