The sbi board approved sale of 3.9% stake in the life insurance arm for rs 1,794 cr. The sbi life insurance is a joint venture between sbi and ______
Answers
Answer: Joint venture between State Bank of India and BNP Paribas Cardif
Explanation:
The Sbi Life Insurance is a joint venture between State Bank of India and BNP Paribas Cardif.
It is a joint venture between the largest PSU bank and the financial services company of India, SBI and the French multinational bank and financial services company, BNP Paribas Cardif.
BNP Paribas has its global headquarter stationed in Paris.
After the completion of the sale of 3.9% stake in the life insurance arm for 1794 cr ,SBI stake would come down to 70.1 per cent stake in SBI Life, whereas BNP Paribas Cardif, would continue to hold 26 per cent.
The stake was purchased by investment arm associated with KKR-managed funds and an associate of Temasek which is a Singapore-based investment firm. They bought 1.95 crore shares each.
Hope this helps.