state Bank of India (SBI) said on Friday SBI Global Factors Limited The country’s largest lender has acquired about 14 per cent stake from other shareholders, hence making it a 100 per cent subsidiary. State Bank Of India has acquired 13.82 per cent equity of the existing shareholders, i.e., SIDBI (6.53 percent), Bank Of Maharashtra (4.34 percent), Union Bank of India (2.95 per cent), a regulatory filing said.

SBI paid Rs 67.84 crore for the acquisition of 13.42 per cent stake in SBI Global Factors Ltd.SBIGFL), it said.

State Bank of India and SBI Global Factors Limited have separately taken whose approval? reserve Bank of India For acquisition of shares and change of control in management, it said.

SBIGFL is a non-banking financial company. It provides domestic and export factoring services.

The turnover of SBIGFL during 2021-22 was Rs 4,773 crore while it made a profit of Rs 25.26 crore.