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State Bank of India eyes IAG for insurance JV-paper

Tue Apr 8, 2008 11:36pm EDT

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MUMBAI, April 9 (Reuters) - State Bank of India (SBI.BO), the country's top lender, has shortlisted three potential partners, including Insurance Australia Group (IAG.AX), for a general insurance venture, the Times of India paper said on Wednesday.

The other two are a German firm and a U.S.-based firm, it said citing industry sources, without naming the firms.

"SBI is likely to demand a significant premium," the paper said.

A spokesman for SBI said he had no immediate comment.

Foreign insurance firms are allowed to hold up to 26 percent in a venture with a local partner in India.

State-run SBI has a venture with Cardiff, a unit of BNP Paribas (BNPP.PA), for life insurance. (Reporting by Rina Chandran; Editing by Louise Heavens)



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