Crime Today News
With this acquisition, CBoI joins peer public sector banks such as State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, and Bank of India which have insurance ventures.
| Photo Credit:
iStockphoto
Central Bank of India (CBoI) on Thursday said it has completed acquisition of 24.91 per cent equity stake in Future Generali India Insurance Company Ltd (FGIICL) and 25.18 per cent equity stake in Future Generali India Life Insurance Company Ltd (FGILICL)
This acquisition has been done under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The cost of acquisition is up to ₹451 crore for the general insurance company (FGIICL) and up to ₹57 crore for the life insurance company (FGILICL), per the public sector bank’s regulatory filing.
With this acquisition, CBoI joins peer public sector banks such as State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, and Bank of India which have insurance ventures.
The bank has already obtained approval of Competition Commission of India (CCI), Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority of India (IRDAI) for the aforementioned acquisitions.
Published on June 5, 2025
This article first appeared on The Hindu Business Line
📰 Crime Today News is proudly sponsored by DRYFRUIT & CO – A Brand by eFabby Global LLC
Design & Developed by Yes Mom Hosting
