State Bank of India (SBI) is planning to reduce its stake in general insurance company from 76% to 51%. This would lead to the corresponding increase of stake of IAG (Insurance Australia Group) from 26% to 49%, including appointment of a valuer to facilitate valuation and price discovery.
Currently, state owned lender holds 76% in the venture, while 26% is held by IAG. The bank also holds 76% in its life insurance venture and may see the foreign partner increasing its stake in the life venture too. SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif.
