BNP Paribas Cardif reportedly in talks to acquire 26% stake in IndiaFirst Life [Yahoo! Finance]
LEGAL&GENL GRP PLC S/ADR (LGGNY)
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Source: Yahoo! Finance
BNP Paribas Cardif, the insurance arm of BNP Paribas, is in late-stage negotiations to acquire Warburg Pincus' 26% stake in IndiaFirst Life Insurance Company, reported Bloomberg citing sources. The deal could value the Indian life insurer at about $350m, the report said. Sources told the publication that while talks are advanced and an agreement may be reached in the near term. IndiaFirst Life Insurance was established in 2009 as a subsidiary of Bank of Baroda. Its original shareholders included Bank of Baroda (65%), Andhra Bank (now part of Union Bank of India) owns 9%, and Legal & General Middle East. In 2019, Legal & General sold its 26% shareholding to Carmel Point Investments India Private, affiliated with Warburg Pincus. IndiaFirst serves over 16 million customers, according to its website. BNP Paribas Cardif operates in 30 countries across Europe, Asia, and Latin America. Its regional headquarters for Asia-Pacific is in Hong Kong, with business activities in Ch
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