BNP Paribas SA is considering selling part of its stake in Indian insurance company SBI Life Insurance Co. Ltd. over the coming quarters as local regulation requires a larger free float, Reuters reported, confirming an earlier report by French newspaper Les Echos.

BNP Paribas said the Indian regulation requires a free float of 25%, whereas SBI's current free float on the Indian stock market is about 16%. As of June 30, the French bank holds a 22% stake in SBI Life Insurance, with State Bank of India controlling 62.1% of its shares.