BNP Paribas Cardif to purchase Warburg Pincus’ 26% stake in IndiaFirst Life.

On Friday, French insurer BNP Paribas Cardif revealed its plan to acquire a 26% interest in Indiafirst Life from private equity giant Warburg Pincus for an undisclosed amount.

After the completion of this deal, state-owned Bank of Baroda will hold 65% of the company, with Union Bank of India owning 9%, and the remainder will be held by BNP Paribas Cardif.

The stakeholders aim to boost the growth of Indiafirst Life, which ranks as the 12th largest private life insurer, leveraging Bank of Baroda’s extensive branch network along with the company’s multi-channel distribution capabilities and BNP Paribas Cardif’s expertise in global bancassurance, product innovation, and insurance skills, according to an official statement.
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“This transaction will enhance our international growth strategy by collaborating with strong institutions in high-potential markets,” stated Pauline Leclerc-Glorieux, the CEO of BNP Paribas Cardif.

Debadatta Chand, managing director and CEO of Bank of Baroda, mentioned that this deal builds on an existing collaboration in asset management where the bank has a joint venture with BNP.

“With BNP Paribas Cardif joining as a strategic shareholder and contributing significant global insurance expertise, IndiaFirst Life is positioned to enter its next growth phase,” remarked Narendra Ostawal, head of India private equity at Warburg.

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Sanjay Singh, CEO and Head of Territory at BNP Paribas in India, commented: “India is a key market for BNP Paribas Group, and this transaction underscores our long-term commitment to providing global expertise and generating sustainable long-term value.”