BNP Paribas Sells 9.2% Stake in SBI Life Insurance
01 Mars 2019 - 12:12PM
Dow Jones News
By Pietro Lombardi
BNP Paribas SA (BNP.FR) has sold a 9.2% stake in SBI Life
Insurance Co. (540719.BY), its Indian joint venture with the State
Bank of India.
The French bank's insurance subsidiary BNP Paribas Cardif has
sold 92.25 million shares of SBI Life, BNP said Friday. Of these,
The Carlyle Group LP (CG) bought 90 million shares.
France's largest listed bank by assets expects to post a capital
gain of more than 450 million euros ($512.2 million) on the deal in
its first-quarter results. The sale should also have a positive
effect of roughly 5 basis points on the bank's CET1 ratio, a key
measure of capital strength.
BNP Paribas Cardif's stake in SBI Life will fall to 12.77% after
the deal.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
March 01, 2019 05:57 ET (10:57 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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