BNP Paribas Cardif buys 26% stake in IndiaFirst Life

BNP Paribas Cardif has agreed to acquire a 26% stake in IndiaFirst Life Insurance from Warburg Pincus. The transaction, announced on July 24, will leave Bank of Baroda with ~65%, BNP Paribas Cardif ~26%, and Union Bank of India ~9% after regulatory approvals. The partnership aims to leverage global bancassurance expertise and IndiaFirst Life's multi-channel distribution to accelerate growth in India's insurance market.