The transaction received all necessary regulatory clearances, including approvals from the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and the Competition Commission of India (CCI).
With this acquisition, Central Bank of India will now be classified as a promoter in both Future Generali India Insurance and Future Generali India Life Insurance.
Also Read: India considers easing bank ownership rules as foreign interest grows
Future Generali India Insurance Company was established in 2006 and is based in Mumbai is a prominent player in India’s general insurance sector. With a presence in over 150 locations nationwide, the company offers a wide array of insurance products across retail, commercial, rural, and personal segments, serving both individuals and corporate clients.
Future Generali India Life Insurance Company, incorporated in 2006 and headquartered in Mumbai, has a robust network spanning more than 1,300 locations across the country. The company delivers a broad spectrum of life insurance solutions, catering to the needs of both individual and group customers.
Also Read: Central Bank of India Q4 business update: Deposits rise 7%, advances up 16%
Shares of Central Bank of India Ltd ended at ₹40.39, up by ₹0.15, or 0.37%, on the BSE.
