State Bank Of India

Insurance Australia Group (IAG) has entered into definitive agreements to sell stake in State Bank of India’s (SBI) Joint Venture Company -- SBI General Insurance Company (SBIG). IAG to sell the whole of its 26% interest in SBI General via two transactions. SBIG, a Joint Venture Company between State Bank of India and Insurance Australia Group. SBI and IAG currently own 70% and 26% respectively in SBIG.

The agreements have been reached with Napean Opportunities LLP (an affiliate of Premji Invest) to acquire a 16.01% interest and WP Honey Wheat Investment Ltd (Warburg Pincus Group) to acquire a 9.99% interest.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.