By Pietro Lombardi

BNP Paribas SA (BNP.FR) has further reduced its stake in SBI Life Insurance Co. Ltd. (540719.BY), its Indian joint venture with the State Bank of India.

The French bank's insurance arm, BNP Paribas Cardif, has sold a roughly 5% stake in the company, cutting its holdings to 7.7%, BNP said Friday.

France's largest listed bank by assets, which has been reducing its stake in the joint venture, said it expects to post a capital gain on the sale of about 300 million euros ($336.5 million) in its first-quarter results.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

April 01, 2019 03:31 ET (07:31 GMT)

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