IndusInd Bank is planning to pick 3-5% stake in Aviva Life Insurance Company India.
According to reports, as part of the deal, apart from offering shares, Aviva Life will also pay an advance commission, taking the total valuation of the deal to around Rs1000 crore.
Aviva India is a 74:26 JV between one of Dabur and Aviva Plc. The Dabur Group has been looking to dilute a part of its holding in Aviva Life Insurance.
It has distribution network of 140 branches and spread across nearly 3000 towns and cities in India. Aviva’s bank partners include RBS, Punjab & Sind Bank, IndusInd Bank and more than 30 Cooperative Banks and Regional Rural Banks.
IndusInd Bank commenced operation in 1994, caters to the needs of both corporate and consumer customers. The bank has presence across 192 gepgraphic locations In India. It also has two representatives office, one each in London ad Dubai.
Last April, IndusInd Bank entered into an agreement with Deutsche Bank to buy its credit card business in India.
Earlier this year, Axis Bank had picked up a 4% stake in Max New York Life for Rs75 crore, while New York Life Insurance Company was also planning to exit Max New York Life Insurance to focus on it's home market of North America.
....more info
According to reports, as part of the deal, apart from offering shares, Aviva Life will also pay an advance commission, taking the total valuation of the deal to around Rs1000 crore.
Aviva India is a 74:26 JV between one of Dabur and Aviva Plc. The Dabur Group has been looking to dilute a part of its holding in Aviva Life Insurance.
It has distribution network of 140 branches and spread across nearly 3000 towns and cities in India. Aviva’s bank partners include RBS, Punjab & Sind Bank, IndusInd Bank and more than 30 Cooperative Banks and Regional Rural Banks.
IndusInd Bank commenced operation in 1994, caters to the needs of both corporate and consumer customers. The bank has presence across 192 gepgraphic locations In India. It also has two representatives office, one each in London ad Dubai.
Last April, IndusInd Bank entered into an agreement with Deutsche Bank to buy its credit card business in India.
Earlier this year, Axis Bank had picked up a 4% stake in Max New York Life for Rs75 crore, while New York Life Insurance Company was also planning to exit Max New York Life Insurance to focus on it's home market of North America.
....more info