BNP Paribas Sells 9.2% Stake in SBI Life Insurance

Date : 03/01/2019 @ 11:12AM
Source : Dow Jones News
Stock : Bnp Paribas (QX) (BNPQY)
Quote : 24.17  0.06 (0.25%) @ 9:16PM

BNP Paribas Sells 9.2% Stake in SBI Life Insurance

BNP Paribas (EU:BNP)
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   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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