Competition Commission of India (CCI) has cleared Bank of Baroda's proposed acquisition of a 21% stake in IndiaFirst Life Insurance. The transaction involves the Bank’s acquisition of 21% shareholding of IndiaFirst Life Insurance Company (IFLIC) from Union Bank of India.
Post the transaction, the shareholding pattern of IFLIC is such that 65% will be held by the Bank of Baroda, 9%will be held by Union Bank of India and 26% is held by Carmel Point Investments, owned by private equity funds managed by Warburg Pincus.
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.
