Axis Bank Ltd.

Diversified Max Group has sold a 13 per cent stake in Max Life Insurance Company to the country's third largest private sector lender Axis Bank, which will now be a co-promoter of the insurer. The completion of the deal comes more than a year after Max Financial Services and Axis Bank announced their intent to have a strategic partnership for the former's insurance venture. Financial details were not disclosed.

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.