Axis Bank to become co-promoter of Max Life Insurance
SECTIONS
Share
Synopsis
The private sector lender will also nominate three representatives to the board of Max Life Insurance post this development. The three representative are – Rajiv Anand, Rajesh Dahiya and Subrat Mohanty.
Agencies
Axis Bank has become a co-promoter of Max Life Insurance after a regulatory go ahead from the Insurance Regulatory Development Authority of India (Irda).
The private sector lender will also nominate three representatives to the board of Max Life Insurance post this development. The three representative are Rajiv Anand, Rajesh Dahiya and Subrat Mohanty.
Anand heads the retail banking portfolio of Axis Bank while Dahiya heads multiple functions such as audit, human resources and compliance. Mohanty is the head of banking operations.
Private sector lender Axis Bank and its subsidiaries Axis Capital Limited and Axis Securities have completed acquiring a stake in Max Life Insurance and post of the completion of the transaction have become co-promoter of the life insurer with 12.99 per cent stake. With this, Max Life’s board will be recast with three nominees from Axis entities (Axis Bank, Axis Capital, and Axis Securities together are called Axis entities). It is also important to note that Axis entities can up their stake in the life insurance company by another 7 per cent, for which they would require further regulatory approvals. The transaction was completed after the insurance regulator’s approval in February. It took more than a year for the deal to get completed as Axis Bank had first announced its intention of acquiring a stake and becoming a strategic partner in Max Life back in February 2020. However, the deal ran into trouble with both the banking regulator and the insurance regulator as a resul
Max Life Insurance has announced its partnership with RCB for the 3rd consecutive year adgully.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from adgully.com Daily Mail and Mail on Sunday newspapers.
April 06, 2021
×
Axis Bank, along with its subsidiaries, Axis Capital and Axis Securities, has become the co-promoter of Max Life Insurance, after completion of the acquisition of 12.99 per cent stake by them.
“The board of Max Life recorded the closure of the deal today,” the companies said in a statement on Tuesday.
The transaction was completed after the Insurance Regulatory and Development Authority of India gave its formal approval in February this year.
Max Life’s holding company Max Financial Services and Axis Bank had first announced their intent to bring in the latter as a strategic partner in Max Life in February 2020.