new delhi as it awaits final rbi guidelines to apply for a universal banking license reliance capital will consider giving up to 10 per cent stake to its newlysigned strategic partner sumitomo mitsui trust bank of japan in its proposed bank besides the financial services arm of industrialist anil ambaniled business conglomerate reliance group is also open to the idea of another japanese partner nippon life acquiring a further up to 10 per cent stake in its banking venture as and when rbis policies permit formation of such a bank reliance capital last week roped in sumitomo mitsui trust bank smtb as a strategic partner to collaborate on various businesses smtb japans largest financial institution with asset under custody of 18 trillion will take an initial stake of 277 per cent in reliance capital at an investment of rs 371 crore as part of a comprehensive longterm strategic alliance between the two companies the deal is likely to close in about four weeks from now we need clearance from the competition commission of india cci while shareholders approval would be sought at the extraordinary general meeting egm scheduled to be held on january 23 reliance capital ceo sam ghosh told pti as part of the deal smtb will get a 277 per cent stake in reliance capital while we have already begun discussions on various areas where we can work together they have come in as a longterm strategic partner at the group company and we are looking into areas of businesses where this partnership can be extended this would include the banking venture that we intend to start after getting a universal banking licence as and when rbi decides to grant such licenses he added ghosh said smtb will certainly be a partner in the banking venture and given their expertise in running a bank and the exposure they will get to indian banking sector it would be a winwin situation for both the partners asked about the quantum of stake that smtb might take in the banking venture he said the extant regulations under which rbi has issued two new licenses a foreign entity can take up to 10 per cent stake and reliance capital would like the japanese partner to take the maximum possible equity to a question about another japanese giant nippon life which is already a partner in reliance caps life insurance and mutual fund ventures also having evinced interest in partnering in its banking venture ghosh said that a new bank can have up to 49 per cent overall foreign stake this leaves the scope for another partner to take further up to 10 per cent stake he said while adding that no talks were underway at the moment with nippon in this regard ghosh further said that rbi was likely to come out with its final guidelines about ontap universal banking license regime by march 2015 and the company will wait for those norms for its foray into banking business he also ruled