After the completion of the transaction, IndiaFirst Life’s shareholding will comprise Bank of Baroda holding 65 per cent, BNP Paribas Cardif having a 26 per cent stake and Union Bank of India holding 9 per cent equity.
New Delhi: Fair trade regulator CCI has approved BNP Paribas Cardif’s proposal to acquire a stake in IndiaFirst Life Insurance Company Ltd.
“CCI approves the acquisition of certain equity share capital in India First Life Insurance Company Limited by BNP Paribas Cardif,” the competition watchdog said in a post on X.
The Competition Commission of India (CCI) on Tuesday said it has cleared the proposed deal.
In July this year, BNP Paribas Cardif announced that it has entered into a definitive agreement to acquire a 26 per cent stake in IndiaFirst Life Insurance Company Ltd (IndiaFirst Life) from private equity giant Warburg Pincus.
After the completion of the transaction, IndiaFirst Life’s shareholding will comprise Bank of Baroda holding 65 per cent, BNP Paribas Cardif having a 26 per cent stake and Union Bank of India holding 9 per cent equity.
For BNP Paribas Cardif, the insurer said the transaction marks a further step in its international growth and diversification strategy and strengthens its presence in Asia, particularly in India, which offers compelling long-term growth opportunities.
It reinforces the partnership-led business model and strengthens its position in a dynamic insurance market.
BNP Paribas Cardif, the insurance arm of France-based financial services company BNP Paribas Group, is a world leader in bancassurance partnerships, while IndiaFirst Life is a private life insurer promoted by Bank of Baroda.