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Friday, February 05, 2016

Divesting stake in insurance subsidiaries may take time: SBI

State Bank of India, which is looking to divest some of its stake in life and non-life insurance subsidiaries, said that the process may take "a little time". "Life and non-life we have already said...But it will take a little time. This is not something which will happen immediately," SBI chairperson Arundhati Bhattacharya said on the sidelines of India Investment Summit. The bank has already announced plans to lower its stake in insurance ventures - SBI Life Insurance and SBI General, reported PTI. On its life insurance venture, SBI proposes to sell up to 10 per cent stake, while it may be about 23 per cent in case of its general insurance subsidiary. "As per IRDA, the shareholders agreement needs to be amended in both of these, so those are the jobs getting done. Subsequent to that we will do...," she said as per the media report. With regard to anti-money laundering initiative, she said the bank has developed a robust system to detect such activity.