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SBI to divest 10 percent in life insurance venture

SBI to divest 10 percent in life insurance venture

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1 min 43 secs
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Last Updated - May 16, 2023
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SBI would be reducing stake in its life insurance venture up to 10%. BNP Paribas Cardif which holds 26% stake in the joint venture might be one of the contenders for this stake.

SBI Chairman Arundhati Bhattacharya said that they are planning to dissociate part of the stake in their life and general insurance ventures. She said that both domestic and international investors have shown interest in picking up stake in the life and general insurance ventures, and that the existing partners also want to hike their stake. She also mentioned that the bank was not planning to list the insurance ventures for at least the next 6 months. 

SBI Life is a 74-26 joint venture between SBI and BNP Paribas Cardif, with the former holding 74 % and 26% by the foreign partner. SBI General Insurance is a joint venture between SBI and Insurance Australia Group.

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