State Bank of India has sold 37 per cent stake in its mutual fund arm -- SBI Fund Management Pvt Ltd -- to France-based Societe Generale Asset Management (SGAM), for an undisclosed sum.
The memorandum of understanding to induct SGAM as a stake holding partner in SBIFMPL was signed on Wednesday between SBI and SGAM, the country's largest bank informed the Bombay Stock Exchange.
The induction would be subject to consent and approval from various authorities.
SBI would now hold 63 per cent stake in SBIFMPL, it added.
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