SBI Life Insurance’s foreign partner BNP Paribas Cardif is keen to increase its stake by 10% to 36%. This venture between SBI and BNP Paribas Cardif was formed for a life insurance subsidiary – SBI holds 74% stake in this venture.
BNP Cardif will increase its stake by buying SBI's shares in the life insurance business and there will be no fresh capital infusion. SBI will sell their equity and encash the stake. The valuation process will now begin and the entire process will be over in the next three to four months.
Moreover, SBI has a joint venture with insurance Australia Group (IAG) for general insurance. Here, too SBI holds 74% and IAG 26%. IAG plans to increase its stake by entire 49% this fiscal year.
State Bank of India is an Indian multinational, Public Sector banking and financial services company. It is one of the four biggest banks of India and a government-owned corporation with its headquarters in Mumbai. BNP Paribas Cardif is a French bank and financial services company with global headquarters in Paris.
BNP Paribas Cardif to raise SBI stake by 10 percent
Last Updated: Jul 01, 2015 | 265 Views