Axis Bank has received approval from its board of directors to acquire 29% stake in Max Life Insurance Company. The Bank will acquire shares from Max Financial Services and will sign a Shareholders’ agreement and a Share Purchase agreement in relation to the same.
The said transaction is subject to satisfaction of conditions precedent, including receipt of regulatory approvals from Reserve Bank of India, Insurance Regulatory and Development Authority of India and Competition Commission of India, among others.
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.
