Japan's Credit Saison Co. Ltd. and two global buyout funds submitted final bids for GE Capital's stake in SBI Card, the U.S.-based company's credit card joint venture with State Bank of India, The Economic Times reported Dec. 21, citing "three people with direct knowledge of the matter."

In addition to Credit Saison, Warburg Pincus LLC and Carlyle Group LP submitted final bids for SBI Card, which is being value at about US$800 million, said the sources. A final decision will be made soon and an announcement will likely be made in January 2017, said one of the persons involved.

The business comprises two parts: One that deals with marketing and distribution and another that is the back office and technology arm. GE Capital holds 40% stake in the first entity and 60% in the latter.

Morgan Stanley is advising GE on the process and Barclays is advising State Bank of India.

A spokesperson for GE said the company and State Bank of India are both in the process of choosing the buyer of its stake in the credit card joint venture and that there are multiple parties shortlisted.

GE Capital is a unit of General Electric Co.