New Delhi-based India.com reported State Bank of India (SBI) is exploring various possibilities to find a replacement for GE Capital, its 40% joint-venture partner in SBI Card.

India.com said SBI is exploring three options, including buying back the entire 40% stake of GE Capital. Other options are selling GE Capital’s stake to another investor through a private placement and going for a public issue, India.com said.

As per an agreement between SBI and GE Capital at the time of formation of SBI Card, it was decided that whenever any party decides to exit the JV, the decision has to be on the basis of mutual understanding. SBI, the nation’s largest lender, entered the credit card business in 1998 by roping in GE Capital India, the consumer finance arm of GE Capital.

”Work is in progress. No decision has been taken on SBI Card yet,” SBI Chairperson Arundhati Bhattacharya told PTI. It is part of GE’s global plan to exit from the finance business, she said, adding that it is nothing new.