Overview
- On June 4, the bank paid Rs 451 crore for a 24.91% stake in Future Generali India Insurance and Rs 57 crore for a 25.18% holding in Future Generali India Life Insurance.
- The Reserve Bank of India, IRDAI and the Competition Commission of India approved the share transfers.
- Generali Group remains the majority shareholder with nearly 74% ownership, making CBI the second-largest backer in both ventures.
- Established in 2006, the general insurance arm operates across more than 150 locations while the life business spans over 1,300 outlets nationwide.
- Investors pushed down CBI’s stock by about 2% intraday on June 6 after the bank revealed its insurance foray.