M&A
SBI Cards sells Rs.1,800-Cr bad loans to NBFC Integro Finserv
Mumbai-based non-banking financial company (NBFC) Integro Finserv has acquired a stressed credit card debt pool valued at INR 1,800 crore from SBI Cards and Payment Services , a listed subsidiary of State Bank of India. This transaction marks one of the largest bad loan sales by SBI Cards in the last four years, following a INR 200 crore portfolio sale to Encore ARC in 2022.SBI Cards and Payment Services manages a credit card receivables book of close to INR 60,000 crore, with over 20 million cards in force and an estimated market share of 18%.Founded in 2019 by KP Sreejith, Integro Finserv operates in the distressed retail asset space, with assets under management of INR 5,256 crore across 467,522 accounts. The NBFC uses a model of acquisition, legal resolution, and relending to maximise recoveries and reintegrate borrowers into the formal credit system.
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