SBI likely take 3 years to list general insurance arm

SBI chairman Rajnish Kumar has recently said it will take up to three years more to list its general insurance arm. The bank will list its asset management company before SBI General Insurance. SBI had last year listed its life insurance arm and the proceeds came in handy to fight difficulties in asset quality. It is also planning to part-sell its stake in SBI Cards. SBI General Insurance, which is a joint venture with Insurance Australia Group, has to “mature” and will await the valuation to touch Rs 50,000 crore, Kumar said. “We are discussing but if you ask me sequentially then it will be AMC first then SBI General because. We believe that still it is about 2-3 years away before SBI General matures,” he said. Speaking on the asset quality position, Kumar reiterated that non-performing assets had touched a peak last quarter and there will be an improvement from this quarter onwards.