BNP Paribas Cardif likely to cut stake in SBI Life

September 26 2018 by InsuranceAsia News Staff

BNP Paribas Cardif is likely to trim down its stake in SBI Life to comply with the country’s minimum public shareholding requirement.

In a disclosure to the Bombay Stock Exchange, SBI Life said BNP Paribas Cardif may consider cutting its stake in the company from 22%.

BNP Paribas Cardif, however, has yet to decide on the size, timing, or nature of the potential reduction of its holding in its joint venture with the State Bank of India.

Based on the minimum public shareholding requirement, BNP Paribas Cardif’s stake is likely to drop from the current 22% to 12.9%.

SBI Lifeis a joint venture between State Bank of India, the largest state-owned banking and financial services company in India, and BNP Paribas Cardif.

MORE FROM: Legal/Regulatory