French insurer BNP Paribas Cardif has appointed three investment banks to scout for buyers for a portion of its stake in SBI Life Insurance Co. Ltd that is worth at least $500 million, said two people aware of the development. BNP Paribas Cardif formed the life insurance joint venture with state-run lender State Bank of India (SBI) in 2001. SBI currently owns 62.1% in the company while BNP Paribas Cardif holds 22%.
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