2017 was also marked by the successful initial public offering in India of SBI Life, a joint venture between the bank SBI and BNP Paribas Cardif. Following the operation [v], BNP Paribas Cardif booked a capital gain on the sale of its equity interest of 326 million euros. BNP Paribas Cardif now holds 22% of SBI Life, a stake valued at 2 billion euros [vi]. This initial public offering is a major milestone in the history of the joint venture and demonstrates BNP Paribas Cardif's ability to generate value with its partners. Founded 17 years ago, SBI Life is the leading privately held life insurance company in India. It operates through its 98,000 agents and SBI's 22,000 bank branches.