Acquisition of 25.18% shareholding in Future Generali India Life Insurance by Central Bank of India also approved

Competition Commission of India has approved the proposed acquisition of 24.91% shareholding in Future Generali India Insurance and 25.18% shareholding in Future Generali India Life Insurance by Central Bank of India. The proposed combination envisages acquisition by Central Bank of India of 24.91% equity stake in Future Generali India Insurance Company Limited (FGIICL) and 25.18% equity stake in Future Generali India Life Insurance Company Limited (FGILICL) through bid/resolution plan submitted by Central bank of India under Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.

Central Bank of India is a scheduled commercial bank.

FGIICL is a general insurance company. It provides personal insurance, commercial insurance, social & rural insurance etc.

FGILICL is a life insurance company. It provides savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans.

Detailed order of the Commission will follow.

Acquisition approval for bank stake in insurance firms under insolvency resolution plan permits stake transfer The Competition Commission has permitted the proposed acquisition by Central Bank of India of minority equity stakes in Future Generali India Insurance Company Limited and Future Generali India Life Insurance Company Limited, to be effected through a bid or resolution plan submitted under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016; a detailed order will follow.