SBI to divest up to 10% stake in its life insurance venture
NEW DELHI: State Bank of India (SBI) on Tuesday said it plans to divest up to 10% stake in its life insurance arm SBI Life.
"The executive committee of the central board has today authorised divestment of SBI's stake in SBI Life Insurance by up to 10%," SBI said in a statement.
SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif of France. At present, SBI owns 74% of the total capital and BNP Paribas Cardif has the remaining 26% in the joint venture.