Big announcement of Central Bank – bought a big stake in Future Generali India Life Insurance Company

Central Bank of India has acquired 25.18 percent stake in Future Generali India Life Insurance Company (Future Generali). Central Bank of India informed on June 27 that it has successfully completed the acquisition of significant stake in Future Generali India Insurance Company Ltd (FGIICL) and Future Generali India Life Insurance Company Ltd (FGILICL). Under this deal, the bank has bought 24.91 percent stake in FGIICL and 25.18 percent stake in FGILICL.

With this acquisition, the bank has taken a concrete step towards increasing its presence in both general insurance and life insurance sectors. The deal has been completed after final agreements with Italian insurance company Generali Group, which include shareholders agreement, trademark agreement and distribution agreement.

RBI approval Regulatory clearance received

The acquisition has been completed after receiving all the necessary regulatory clearances, including approval from the Reserve Bank of India (RBI). The deal with Generali, a global insurance and asset management giant with a presence in over 50 countries, is part of a strategic roadmap that moves the Central Bank of India towards playing a bigger role in the country’s insurance sector.