SBI gets approval to divest 10% stake in SBI Life Insurance

The State Bank of India (SBI) is planning to divest up to 10 per cent stake in its life insurance arm SBI Life.

“The executive committee of the central board has authorised divestment of SBI’s stake in SBI Life Insurance by up to 10 per cent,” SBI said in a statement.

At present, the bank owns 74 per cent of the total capital in SBI Life Insurance, which a joint venture between SBI and BNP Paribas Cardif of France.

BNP Paribas Cardif has the remaining 26 per cent in the joint venture.

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