The Competition Commission of India (CCI) has approved acquisition of additional shareholding in Generali Central Insurance Company Limited and Generali Central Life Insurance Company Limited by Central Bank of India.

The proposed combination relates to acquisition of 1.09% additional equity in Generali Central Insurance Company Limited (GCICL) and 0.82% additional equity in Generali Central Life Insurance Company Limited (GCLICL) by Central Bank of India.

Central Bank of India is engaged in provision of banking services in India including acceptance of deposits, lending, and provision of allied financial services.

GCICL and GCLICL are engaged in the provision of insurance products in India. GCICL provides general insurance services and GCLICL provides life insurance services in India.

Detailed order of the Commission will follow.

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NB/ONP

Combination approval permits Central Bank of India to increase shareholding in Generali insurers, subject to a regulatory order. The Competition Commission has granted combination approval for Central Bank of India to increase its equity stakes in Generali Central Insurance Company Limited (general insurance) and Generali Central Life Insurance Company Limited (life insurance), expanding the bank's ownership in entities that supply distinct insurance products in India; a detailed Commission order will follow.