The State Bank of India (SBI) will sell a four per cent stake in its subsidiary — SBI General Insurance Company Ltd — for Rs 482 crore ($66 million) in a transaction that will value the latter at over Rs 12,000 crore. “The SBI welcomes Axis New Opportunities AIF and Premji Invest as our incoming partners in SBI GI. It is the seventh-largest private general insurance company as on June 30. “SBI GI follows a robust multi-channel distribution model encompassing auto manufacturers, brokers, agencies and has been the top bancassurance non-life insurer in the country. It is present in every district through its own branches, branches of the SBI and RRBs with access to more than 29,500 branches”, Pushan Mahapatra, MD & CEO of SBI General Insurance, said.

Source: The Telegraph September 26, 2018 19:52 UTC