Central Bank of India acquires Future's stake in life, general insurance JVs with Generali for ₹508 crore
Central Bank of India has completed acquisition of Future Enterprises' stake in Future Generali India Insurance Company (FGIICL) and Future Generali India Life Insurance Company (FGILICL) for ₹508 crore.
The acquisition of 24.91% shareholding in general insurer FGIICL for ₹451 crore and 25.18% in life insurer FGILICL for ₹57 crore marks the foray of the public sector lender into insurance.
In filings to the stock exchanges, the bank said the acquisitions were completed on June 4 and both the insurance firms were established players in the industry and the stake was available for acquisition at a reasonable valuation.
The bank was declared as the successful bidder in August, by the Committee of Creditors, for acquiring Future Enterprises stake, under the corporate insolvency resolution process, in the latter's JVs with Italian insurance major Generali. Subsequently, the bank received approvals from the Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI).
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