IDBI Bank completes sale of entire stake of Ageas Federal Life Insurance ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 14
Belgium-based Ageas Insurance International has completed the acquisition of a majority stake in its Indian joint venture Ageas Federal Life Insurance (AFLIC), picking up 25 per cent stake of IDBI Bank for Rs 580 crore. With this, it has become the first foreign partner in the Indian life insurance sector to own a majority stake of 74 per cent. In the non-life segment, it was Italy's financial services major Generali which raised its stake in Future Generali India Insurance to 74 per cent in May this year. Last fiscal, the Indian government allowed foreign players to raise their stakes in Indian joint venture insurance firms up to 74 per cent from 49 per cent earlier as a move to attract inv

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