The State Bank of India (SBI) has scrapped its plan to list its joint venture with Insurance Australia Group (IAG).
India’s largest lender was earlier looking for an IPO for SBI General in FY21.
Read more: General insurance business of IAG joint venture may go public
SBI General, valued at more than ₹12,000 crore, is a joint venture with IAG, which holds a 26% stake.
Its chairman Rajnish Kumar said the IPO for the general insurance business will not happen next fiscal, as there is no need for additional capital now, livemint reported.
Kumar also announced that it will take its subsidiary SBI Card for an IPO in the January-March quarter. He commented on the additional stake sale in SBI Life, saying the bank is required to divest an additional 2% stake as per Sebi norms until October 2020, livemint reported.
