Shares of Axis Bank
were trading 5 per cent higher at Rs 449, after hitting an intra-day high of Rs 451 on the BSE. In comparison, the S&P BSE Sensex was up 0.78 per cent or 246 points at 31,990 at 1:50 PM.
and Max Financial Services today announced the signing of definitive agreements to become joint venture partners in Max Life
Insurance Company Limited (Max Life). The development will result in a mutually beneficial and enduring relationship between Axis Bank and Max Life
and bring the stability of a long term partnership to India’s fourth largest private life insurance franchise,” the two companies said in separate regulatory filings.
The joint venture arrangement will significantly improve Max Life’s competitive position vis a vis its competitors, including the other large bank owned private life insurers.
After the completion of these transactions, Max Life would become a 70:30 joint venture between Max Financial Services and Axis Bank. The proposed transactions were subject to approval of requisite corporate and regulatory authorities (including the Insurance Regulatory and Development Authority of India, the Reserve Bank of India and the Competition Commission of India), the bank said. CLICK HERE TO READ FULL REPORT