BNP Paribas Cardif to Buy 26 Percent Stake in IndiaFirst Life
BNP Paribas Cardif finalized an agreement to purchase approximately 26 percent of IndiaFirst Life Insurance Company from Warburg Pincus.
The deal requires regulatory approvals. After the transaction is finalized, IndiaFirst Life’s ownership will consist of Bank of Baroda (approximately 65 percent), BNP Paribas Cardif (about 26 percent), and Union Bank of India (roughly nine percent).
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“We wish to inform that the Bank of Baroda has received an intimation from Indiafirst Life Insurance Company Limited (IFLIC), a subsidiary of the bank, regarding transfer of 25.96 percent stake held by Caramel Point Investments India Private Limited to BNP Paribas Cardif vide execution of the Share Purchase Agreement dated July 24, 2026, subject to necessary regulatory approvals,” Bank of Baroda denotes.
“We further inform that there are no changes in the bank’s Shareholding or controlling interest in the said subsidiary,” the bank adds.
BNP Paribas Cardif will utilize its worldwide bancassurance and alliance knowledge to assist in the next phase of IndiaFirst Life’s growth in India, concentrating on improving the availability of insurance products for the Indian populace, Leclerc-Glorieux mentioned.
Pauline Leclerc-Glorieux, CEO, BNP Paribas Cardif says, “We are very pleased to announce this new partnership with Bank of Baroda, a major bank in India, a key strategic market with a compelling growth opportunity for BNP Paribas Cardif. This transaction will further drive our international growth strategy of partnering with strong institutions in high-potential markets.”
Narendra Ostawal, Managing Director and Head of India Private Equity, Warburg Pincus, says, “IndiaFirst Life has demonstrated resilience, disciplined execution, and a strong customer-centric ethos throughout its journey”.
“We are proud to have partnered with the company during an important phase of its development and to have worked alongside management and our fellow shareholders to support its growth, strengthen its franchise and help position the business for long-term success”.
“This transaction reflects the significant progress IndiaFirst Life has made over the course of our partnership”.
Commenting on the development, Rushabh Gandhi, Managing Director & CEO, IndiaFirst Life, says, “We are delighted to welcome BNP Paribas Cardif as a new shareholder alongside Bank of Baroda. Their partnership, product innovation, and operations complement our distribution strengths and digital execution capabilities.”
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Gandhi stated that this partnership will assist the life insurance firm in expanding its goal of providing straightforward, reliable, and technology-driven life insurance solutions, while also fostering sustainable and profitable growth, all while ensuring the company remains dedicated to achieving excellent customer results.
Debadatta Chand, Chairman of IndiaFirst Life and MD & CEO of Bank of Baroda, stated that this deal signifies a significant advancement in IndiaFirst Life’s long-term strategic path and demonstrates the strengthened dedication of its shareholders to the company's ongoing expansion.
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“With BNP Paribas Cardif joining us as a partner, we are extending a relationship that has already proven successful through our joint venture in asset management, and we look forward to leveraging their global insurance expertise alongside Bank of Baroda’s extensive distribution franchise and deep local market insights,” Chand adds.