BNP Paribas Cardif reduces its stake in SBI Life Insurance
The French BNP Paribas Cardif intends to reduce its stake in the Indian SBI Life Insurance which is 22% (almost 2.19 billion USD). According to the Indian media, BNP Paribas Cardif, an insurance subsidiary of BNP Paribas, would have mandated three investment banks to manage the cession of 5 to 6% of the capital for an amount of approximately 500 million USD.
As a reminder, SBI Life Insurance was created following a partnership between the State Bank of India (SBI) and BNP Paribas Cardif in 2001. It was listed in the Bombay Stock Exchange in 2017.
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