Insurance Australia Group (IAG) is considering selling a stake in SBI General Insurance, a joint venture with India’s largest lender, two people directly aware of the development said. IAG, which holds 26% in the general insurer, has started preliminary talks to hire an investment bank to manage the sale process, the people said, requesting anonymity as the discussions are private.
IAG is likely to sell its stake in multiple tranches, said one of the two people cited above. The Sydney-based company might sell a part of its stake before a proposed initial share sale of the local general insurer, and a part in the initial public offering, the person said, adding that it might sell more over a period of time.
