State Bank of India may sell 5 per cent stake from SBI Life
DSIJ Intelligence / 06 Oct 2016
State Bank of India (SBI) is looking to sell 5 per cent stake in its life insurance arm SBI Life. The country's largest bank owns 74 per cent in SBI Life while its foreign partner BNP Paribas owns 26 per cent.
State Bank of India (SBI) is looking to sell 5 per cent stake in its life insurance arm SBI Life. The country's largest bank owns 74 per cent in SBI Life while its foreign partner BNP Paribas owns 26 per cent. The share price of SBI declined by 1.82 per cent on bourses in early trades; and closed at Rs 256.85 on an intraday basis.
SBI’s stake sale will help infuse funds into the bank's balance sheet and help it discover price for a potential IPO for SBI Life. Now, the insurer could be valued at Rs 30000 crore, though merchant bankers will be appointed to come up with a value. SBI is in talks with private-equity investors and institutions for the stake sale.
SBI provides a range of products and services to personal, commercial enterprises, large corporates, public bodies and institutional customers. Its segments include Treasury; Corporate/Wholesale Banking; Retail Banking and other Banking Business.
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