SBI to acquire 20% stake in SBI Pension Funds from SBICAPS

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Executive Committee of the Central Council (ECCB) of Central Bank of India (SBI) has agreed for the Bank to acquire the full 20% stake held by SBI Capital Markets (SBICAPS) in SBI Pension Funds.

The SBI said in a regulatory filing that the acquisition by the bank is subject to the receipt of all regulatory approvals.

Currently, the SBI owns a 60 percent stake in the SBI pension funds, with the remaining stake being owned by the SBI (20 percent) and managed by SBI funds (20 percent).

SBICAPS is a wholly owned subsidiary of SBI. Provides investment banking and corporate advisory services to its clients. SBI Pension Funds is a Pension Fund Manager (PFM), managing the pension pool under the National Pension Scheme (NPS).

SBI Pension Funds generated a net profit of INR 53.51 crore for the financial year 2023. The total assets under management (AUM) of the company as on 31st March 2023 was Rs. 3,39,006 crore (20.01% YoY growth).