BNP Cardif Is Said to Near Deal for Warburg Pincus Stake in IndiaFirst Life Insurance

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.