INSUBCONTINENT EXCLUSIVE:
The proposed transaction values SBI General Insurance at over Rs 12,000 crores.State Bank of India (SBI) at its executive committee meeting
of the board held today, approved the sale of 86.2 lakh shares of Rs 10 each, equaling to 4 per cent stake in its subsidiary SBI General
Insurance Company Limited (SBI GI) for Rs 482 crores
The Axis New Opportunities AIF - I (represented through its investment manager Axis AMC Ltd) and PI Opportunities Fund - I (an AIF of Premji
proposed transaction values SBI General Insurance at over Rs 12,000 crores
However, the transaction completion is subject to regulatory approvals
Upon completion of the transaction, SBI will hold 70 per cent stake in SBI GI while its joint venture partner, IAG International Pty Ltd.,
will continue to hold 26 per cent."SBI happily welcomes Axis New Opportunities AIF and Premji Invest as our incoming partners in SBI GI
Insurance segment is still young and nascent in India, it is a highly under penetrated market, we foresee a significant scope of growth for
SBI GI to achieve size, scale and profitability
We shall continue to extend our support and are excited about SBI GI's bright journey ahead" said Rajnish Kumar, Chairman, SBI.SBI has
total advances and deposits of approximately Rs 20 tn and Rs 27 tn respectively as on June 30, 2018 with 22,428 branches, including 210
foreign offices spread across 35 countries, making it the largest banking and financial services company in India, the press release said
