Societe Generale, Indiabulls, may end risk venture

Societe Generale SA, France’s second-largest bank by market value, and Indiabulls Financial Services planned to end their insurance venture in India, two people familiar with the development said.

Indiabulls Societe Generale Life Insurance would be wound down by mutual agreement, one of the people said, declining to be identified before an announcement. The venture has yet to sell any products, the other person said.

Societe Generale and Indiabulls, backed by billionaire Lakshmi Mittal, forged the alliance in April 2008.

Paris-based Societe Generale held a 26 per cent stake in the business.

Gagan Banga, Indiabulls chief executive officer, was unavailable to comment. Societe Generale’s Paris-based spokeswoman Stephanie Carson-Parker declined to comment.