Bloomberg News
BOMBAY - State Bank of India, the country's biggest commercial bank, announced Wednesday that it has selected Cardif SA, the life insurance unit of BNP Paribas SA, as its partner for a proposed insurance venture.
The bank had announced in June that it was planning to set up a joint venture to sell life insurance products in India, where annual insurance premiums now total $8 billion.
State Bank of India is one of six private life and nonlife insurance companies to compete with the state-run Life Insurance Corp. of India and the General Insurance Corp. of India.
