The Federal Bank has executed a Share Purchase Agreement (SPA) with Ageas Insurance International NV (Ageas) and Ageas Federal Life Insurance Company (AFLIC) for acquisition of 4% equity stake by the Bank in AFLIC, from Ageas. The aforesaid acquisition is contingent upon satisfaction of conditions precedent set forth in the SPA executed between the parties, including receipt of regulatory approvals required under applicable laws.
Earlier, the Bank had executed a binding Memorandum of Understanding (MoU) with Ageas Insurance International NV and Ageas Federal Life Insurance Company for acquisition of 4% equity stake by the Bank in AFLIC, from Ageas.
Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having many branches and ATMs spread across different States in India.
