BNP Paribas' Cardif to buy stake in BRI life insurer

BRI had earlier revived its plan to sell a stake for $500m.

BNP Paribas’ insurance arm is in talks to buy a minority stake in PT Bank Rakyat Indonesia’s (BRI) life insurer, reports Bloomberg.

BNP Paribas Cardif SA submitted the highest bid for a stake PT Asuransi BRI Life, sources said. BRI had earlier revived its plan to sell a stake in its life insurance for about $500m, and the transaction would involve a bancassurance partnership.

An agreement could be reached within the next few weeks, sources added.

This would be at least the third attempt by state-owned BRI to sell a stake in the insurer. The lender tried to dispose of a 40% stake in BRI Life in 2015.

Here’s more from Bloomberg.

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