Axis Bank, subsidiaries acquire over 12% in Max Life, become co-promoters By IANS | 5 Views Axis Bank introduces wearable devices for contactless transactions. Image Source: IANS News New Delhi, April 6 : Lending major Axis Bank, along with its subsidiaries, have become the co-promoters of Max Life Insurance Company. The bank and its subsidiaries Axis Capital and Axis Securities have completed the acquisition of 12.99 per cent stake collectively. "The transaction was completed after the Insurance Regulatory and Development Authority of India (IRDAI) gave its formal approval in February this year," the bank said in a statement. "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."