SUBSCRIBE NEWSLETTER
  • Change Language
  • English
  • Hindi
  • Marathi
  • Gujarati
  • Punjabi
  • Tamil
  • Telugu
  • Bengali
  • News From Press LIC completes acquisition of 51% stake in IDBI Bank

    LIC completes acquisition of 51% stake in IDBI Bank

    Source: The Hindu BusinessLine Jan 22, 2019

    IDBI Bank, on Monday, said LIC has completed the acquisition of a 51 per cent controlling stake in the bank, making it the majority shareholder. The deal, conceptualised in June 2018, is envisaged as a win-win situation for the bank and LIC, with an opportunity to create enormous value for shareholders, customers, and employees of both entities through mutual synergies.

    “The transaction promises a paradigm shift for both partners, creating for the first time a unique financial conglomerate in India....With this deal, LIC will have a strategic investment in a large bancassurance channel, thereby increasing its productivity and reducing distribution costs,” a statement issued by the bank said. More than 1,800 branches of IDBI Bank can be used as touch points for selling LIC policies.

    Click here to read more>>

    Have a query or a doubt?
    Need a clarification or more information on an issue?
    Cafemutual welcomes all mutual fund and insurance related questions. So write in to us at newsdesk@cafemutual.com

    Click to clap
    Disclaimer: Cafemutual is an industry platform of mutual fund professionals. Our visitors are requested to maintain the decorum of the platform when expressing their thoughts and commenting on articles. Viewers are advised to refrain from making defamatory allegations against individuals. Those making abusive language or defamatory allegations will be blocked from accessing the web site.
    0 Comment
    Be the first to comment.
    Login or Sign up to post comments.
    More than 2,07,000 of your industry peers are staying on top of their game by receiving daily tips, ideas and articles on growth strategies. Join them and stay updated by subscribing to Cafemutual newsletters.

    Fill in the below details or write to newsdesk@cafemutual.com and subscribe to Cafemutual Newsletter now.