(Bloomberg) -- State Bank of India, the country’s largest lender, is preparing for its mutual fund joint venture for an initial public offering, according to people familiar with the matter.SBI plans to ask investment banks for proposals after discussions with its board and shareholder Amundi Asset Management and kick off the process in the next few months, the people said. The lender could raise about $1 billion from the offering, one of the people said, who asked not to be identified as the information is private. SBI’s mutual fund is currently valued at about $7 billion, another person said.At $1 billion, the first-time share sale could be India’s biggest since the $1.4 billion listing by SBI Cards & Payment Services Ltd. in March, according to data compiled by Bloomberg. The SBI mutual fund business would also be the third such listing of its kind in the country, joining UTI Asset Management Co. and HDFC Asset Management Co.Shares in SBI pared losses in Mumbai after the Bloomberg News story, ending the day 4.2% lower as the broader banking gauge was down 4.9%.SBI’s plans to list the mutual fund arm is part of its strategy to extract more value from its units after divesting some of its stakes in its life insurance and cards businesses last year.SBI’s mutual fund is the largest in India with 5 trillion rupees ($68.4 billion) of assets under management, according to its website. The fund house posted a net income of 4.98 billion rupees for the April-December period, according to an investor presentation. SBI holds a 63% stake in the mutual fund business, while Paris-based Amundi owns the rest.Deliberations are at an early stage and details of the share sale could still change, the people said. A representative for SBI didn’t immediately respond to requests for comment.(Updates to add SBI shares in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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- U.S.The Telegraph
Archbishops have hit back at claims that they are trying to dismantle parish churches, claiming their aim is to "expand, reimagine and revitalise" the system. The Most Rev Justin Welby, the Archbishop of Canterbury, and the Most Rev Stephen Cottrell, the Archbishop of York, made the comments during an informal live-streamed meeting of the General Synod, the Church of England's legislative body, on Saturday. The Telegraph has previously revealed that multiple clergy and laypeople had voiced fears over the "collapse" of the Church of England in rural communities. A Church document, leaked earlier this month, suggested that the Covid pandemic has provided an opportunity for "radical change" within the Church which could result in the loss of the parish church model in a bid to remain "financially sustainable". The report, sent to the 42 diocesan secretaries this month, warned clergy to prepare for changes and cuts as officials prepare to overhaul the system, sparking fears that churches in rural towns and parishes will not survive. But Archbishop Cottrell said: "We need to expand and reimagine and revitalise the parish system, not dismantle it." Archbishop Welby said: "We have both been parish priests, for goodness' sake. We are deeply committed, we have spent years of our lives in parishes – the idea that we would want to ditch them and that we are against the rural [parishes] is just rubbish." The Archbishop of York later updated the Synod on the progress of "Vision and Strategy", his blueprint for the Church's future, saying: "Some of us will have come to this meeting troubled by stories in parts of the press implying that big decisions about clergy numbers, parishes, buildings and services have already been decided centrally but kept under wraps. "Much of this has been rather misleading. Archbishop Justin and I have replied in the public domain so as to set the record straight but also, more importantly, keep the work on track. "But, Synod, I want to say again this is a work in progress. It is my intention to be open and transparent about the full scope of the challenge and to find ways of working on this together."