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Chairman: State Bank of India prefers 1-year delay for SBI General Insurance IPO

State Bank of India Chairman Rajnish Kumar said the bank prefers to postpone the planned IPO of SBI General Insurance Co. Ltd. by one more year, Moneycontrol reported.

The proposed flotation is now expected to take place in the 2021 financial year, which begins in April 2020, according to the report.

Kumar explained that the bank is waiting for movement on Insurance Australia Group Ltd.'s exit from the joint venture. The bank has a 70% stake in SBI General Insurance, while IAG holds 26%.