Sydney, Australia-based Insurance Australia Group (IAG) has invested A$126 million (US$114.9 million) to help form SBI General, a general insurance joint venture with Mumbai, India-based State Bank of India (SBI). IAG will hold a 26% stake and SBI will hold a 74% stake in the joint venture, which will begin operations in first half 2010, pending regulatory approval. SBI previously formed SBI Life Insurance, a joint venture between Paris-based BNP Paribas Assurance (26%) and SBI (74%). SBI Life has benefited from a bancassurance relationship with SBI’s 16,000 branches across India, and in 2008 was named “Best Life Insurer” by Outlook Money NDTV.
Sunday, December 13, 2009
SBI EXPANDS BANCASSURANCE OPERATIONS
Sydney, Australia-based Insurance Australia Group (IAG) has invested A$126 million (US$114.9 million) to help form SBI General, a general insurance joint venture with Mumbai, India-based State Bank of India (SBI). IAG will hold a 26% stake and SBI will hold a 74% stake in the joint venture, which will begin operations in first half 2010, pending regulatory approval. SBI previously formed SBI Life Insurance, a joint venture between Paris-based BNP Paribas Assurance (26%) and SBI (74%). SBI Life has benefited from a bancassurance relationship with SBI’s 16,000 branches across India, and in 2008 was named “Best Life Insurer” by Outlook Money NDTV.
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