17 Mar , 2026 By : Debdeep Gupta
BNP Paribas Cardif SA is in advanced talks to acquire Warburg Pincus’ 26% stake in a transaction that could value IndiaFirst at about $350 million. Bank of Baroda owns 65% of IndiaFirst and Union Bank of India Ltd. holds 9%.
BNP Paribas SA’s insurance unit is nearing a deal to buy a minority stake in IndiaFirst Life Insurance Co., according to people familiar with the matter, potentially expanding the bank’s presence in South Asia.
BNP Paribas Cardif SA is in advanced talks to acquire Warburg Pincus’ 26% stake in a transaction that could value IndiaFirst at about $350 million, the people said, asking not to be identified because the information is private. While an agreement may be reached soon, nothing has been finalized yet, they said.
Bank of Baroda owns 65% of IndiaFirst and Union Bank of India Ltd. holds 9%.
Representatives for BNP Paribas and Warburg Pincus declined to comment.
Cardif operates in 30 countries in Europe, Asia and Latin America, with €302 billion ($345 billion) assets under management, its website shows. The unit’s Asia-Pacific hub is in Hong Kong, and it is active in mainland China, Taiwan, Japan and Korea, primarily through joint ventures with local banks, it says.
Cardif had held a minority interest in one of India’s largest insurers, SBI Life Insurance Co., but sold its stake through a series of block deals starting in 2019. Mumbai-based IndiaFirst has more than 16 million customers, according to its website.
BNP Paribas has had a presence in India since 1860, offering a variety of banking services with branches in major cities including Delhi, Mumbai, Bengaluru and Chennai.
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