Axis Bank is reportedly in talks with Max Life Insurance to acquire more than 20% stake through fresh issue of equity of worth Rs 2000 crore. The aim of this deal is to build a strategic and long-term partnership which contributes more than 54% to Max Life’s revenue.
The bank is expected to infuse more than Rs 2,000 crore in the insurer. The deal with Axis Bank will eliminate the uncertainty about a bancassurance partner for the insurer.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
