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Insurance PNB finally gets the approval for acquiring 30 percent stake in Metlife Insurance

PNB finally gets the approval for acquiring 30 percent stake in Metlife Insurance

The duo had approached fair trade regulator for approval.

Team Cafemutual Jan 7, 2013

The duo had approached fair trade regulator for approval.

Punjab National Bank (PNB) on Friday announced that it has received all regulatory approvals for acquiring a 30 per cent stake in Metlife India Insurance. The life insurance company will be re-branded as PNB Metlife India Ltd. Both PNB and MetLife India had approached the fair trade regulator, CCI for approval on December 7, 2012.

According to the deal, Metlife will have a deal with the existing shareholders to raise its stake to 26 per cent within 120 days of operationalization of the deal.Currently, MetLife India stakeholders, include Jammu and Kashmir Bank, Shapoorji Pallonji and other investors, besides MetLife.

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