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Report: Carlyle, GIC to buy 10% stake in SBI Life Insurance Co.

Dec 28, 2018 - SNL European Financials Daily

Private equity giant Carlyle Group LP and Singapore's sovereign wealth fund GIC Pte. Ltd. are acquiring a 10% strategic stake in SBI Life Insurance Co. Ltd., The Economic Times reported, citing two people familiar with the matter.

The seller is French insurer BNP Paribas Cardif, which is planning to trim its 22% interest in SBI to meet regulatory conditions needed for a public float, the report noted. SBI is a joint venture between BNP and the State Bank of India.

The news outlet rep...