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State Bank of India mulls IPO of its credit card unit

State Bank of India will explore spinning off its 74%-owned SBI Cards and Payment Services Pvt. Ltd. in an IPO.

The bank said in an Aug. 14 disclosure it received from the board an "in-principle approval to explore the possibility of diluting SBI's stake in SBI Cards & Payment Services ... through IPO route at an opportune time."

SBI Cards and Payment Services is a joint venture between State Bank of India and Carlyle Group LP., which holds the remaining 26% stake.