The UK-based Lloyd’s, the world’s leading provider of specialist insurance services, and leading global reinsurers, Germany’s Munich Re Group and Switzerland’s Swiss Re, are in talks with the State Bank of India (SBI), the country’s largest bank, for partnering in its general insurance foray. The partner is likely to be finalised in the next two months.
A senior SBI official said, “We will be partnering with a foreign reinsurer for our non-life insurance business and discussions are currently on with the world’s leading reinsurers.”
The bank is in the process of appointing an advisor to zero in on a foreign partner, according to sources within. The plans for venturing into general insurance come at a time when the bank is planning to hive off stakes in its life insurance and asset management companies to a separate holding company.
SBI holds 74 per cent stake in its life insurance venture, with Cardif SA of France owning the rest. The life insurance venture would require incremental capital of Rs 600 crore every year.
Read more in The Business Standard article.
Showing posts with label Cardiff SA. Show all posts
Showing posts with label Cardiff SA. Show all posts
Tuesday, July 10, 2007
Wednesday, May 9, 2007
Paribas takes 49.9% stake in Sundaram Home
French banking group BNP Paribas SA will acquire 49.9% stake in Sundaram Home Finance (SHFL) for Rs 196.98 crore - a move which will give the foreign firm an increasing presence in the booming housing loans market in India.
The French firm would pay around Rs 146.98 crore to SHFL, while Rs 50 crore would be invested directly in the company, resulting in a 49.90% stake for UCB in the enhanced paid-up equity capital of SHFL, Sundaram Finance said in a release issued to the Bombay Stock Exchange today.
On completion of the transactions, Sundaram Finance would own the remaining 50.10% of the enhanced paid-up equity capital.BNP Paribas already owns 49.9% stake in Sundaram Finance's asset management company.
The French banking major became the largest shareholder of south-based Geojit Financial Services in March. BNP Paribas also has a stake in SBI Life, which is jointly promoted by State Bank of India and Cardiff SA, the insurance arm of BNP Paribas.
The French firm would pay around Rs 146.98 crore to SHFL, while Rs 50 crore would be invested directly in the company, resulting in a 49.90% stake for UCB in the enhanced paid-up equity capital of SHFL, Sundaram Finance said in a release issued to the Bombay Stock Exchange today.
On completion of the transactions, Sundaram Finance would own the remaining 50.10% of the enhanced paid-up equity capital.BNP Paribas already owns 49.9% stake in Sundaram Finance's asset management company.
The French banking major became the largest shareholder of south-based Geojit Financial Services in March. BNP Paribas also has a stake in SBI Life, which is jointly promoted by State Bank of India and Cardiff SA, the insurance arm of BNP Paribas.
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