Mumbai:
SBI chairman Rajnish Kumar on December 17 said it will take up to three years more to list its general insurance arm. The bank will list its asset management company before SBI General Insurance, Kumar said while speaking at the India Economic Conclave organised by Times Network here.
SBI had last year listed its life insurance arm and the proceeds came in handy to fight difficulties in asset quality. It is also planning to part-sell its stake in SBI Cards.
SBI General Insurance, has to "mature" and will await the valuation to touch Rs 50,000 crore, Kumar said.
"We are discussing but if you ask me sequentially then it will be AMC first then SBI General because. We believe that still it is about 2-3 years away before SBI General matures," he said.
Meanwhile, the Competition Commission of India (CCI) on Friday said it has approved acquisition of shares in SBI General Insurance by Napean Opportunities LLP and Honey Wheat. The transaction involves acquisition of 16.01 per cent paid-up share capital of SBI General Insurance by Napean Opportunities and 9.99 per cent by Honey Wheat Investment Ltd, the CCI said in two separate statements.
State-owned State Bank of India (SBI) in October said its joint venture partner IAG would sell entire 26 per cent stake in its subsidiary SBI General Insurance to Napean Opportunities and WP Honey Wheat for an undisclosed amount.
The country's largest lender and Insurance Australia Group (IAG) held 70 per cent and 26 per cent, respectively, in SBI General Insurance.
"The agreements have been reached with Napean Opportunities LLP (an affiliate of Premji Invest) to acquire a 16.01 per cent interest and WP Honey Wheat Investment Ltd (Warburg Pincus Group) to acquire a 9.99 per cent interest," SBI had said.