The Central Bank of India has concluded the acquisition of a 24.91% equity stake in Future Generali India Insurance Company Limited (FGIICL) and a 25.18% equity stake in Future Generali India Life Insurance Company Limited (FGILICL). The bank has also finalised definitive agreements with the Generali Group, including shareholders’, trademark, and distribution documents.
This move is part of the bank’s strategy to expand its role in the insurance sector through its joint ventures in both life and general insurance. The partnership is intended to increase insurance coverage across India and contribute to the government’s objective of achieving "Insurance for All" by 2047.
Central Bank of India, established in 1911, operates a network of over 4,500 branches and more than 20,000 customer touchpoints. Generali Group, present in over 50 countries, is involved in insurance and asset management.
The collaboration aims to offer a wider range of life, general and health insurance products. Central Bank of India plans to use its customer base and distribution infrastructure to provide insurance services, including to customers in underserved areas.
Central Bank of India acknowledged Ashvin Parekh Advisory Services LLP (APAS) as its business and transaction advisor throughout the process. APAS supported the bank with bidding, valuation, and due diligence. The bank also recognised the legal services provided by Cyril Amarchand Mangaldas (CAM) in finalising the required legal and transactional documentation.
