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State Bank of India shelves IPO plan for general insurance arm

State Bank of India has dropped its plans to list its unit, SBI General Insurance Co. Ltd., the Press Trust of India reported Sept. 15, citing the bank's chairman, Rajnish Kumar.

The proposed public float was shelved as there is no need for additional capital, the chairman said.

The lender was seeking to list SBI General Insurance in fiscal 2021 after the planned IPO was postponed by one year.

Meanwhile, State Bank of India plans to list its joint venture company, SBI Cards and Payment Services Private Ltd., in the fiscal fourth quarter ended March 31, 2020, Kumar said, adding that investor interest in the credit card unit is very high.

State Bank of India holds a 74% stake in SBI Cards and Payment Services, while Carlyle Group LP, which holds the remaining 26% stake, may choose to dilute its stake via the IPO, Kumar said.