Axis Bank Acquires Additional Stake in Max Life Insurance Subsidiary for ₹336 Crore
Axis Bank has decided to increase its shareholding in Max Life Insurance, investing up to ₹336 crore. This transaction will raise the aggregate shareholding of Axis Entities from 19.02% to 19.66%.
The Acquisitions, Divestments, and Merger Committee of the Board of Directors of Axis Bank approved the proposal on June 19, 2024. The acquisition will be through cash consideration.
In August 2023, Axis Bank’s Board approved an infusion of ₹1,612 crore in Max Life, increasing the bank’s direct stake to 16.22% and the collective stake of Axis Entities to 19.02%. Earlier, in April 2021, Axis Bank and its subsidiaries acquired a 12% stake in Max Life through a secondary transfer from Max Financial.
Following the 2023 investment, Max Life Insurance recorded a Gross Written Premium of ₹29,529 crore. The additional stake acquisition by Axis Bank is part of its strategy to strengthen its position in the insurance sector.
Founder: Axis Bank was founded by Dr. Manmohan Singh, the then Finance Minister of India, in 1993.
Establishment: The bank was established in 1993 as UTI Bank, with its registered office in Ahmedabad and its central office in Mumbai. It was later rebranded as Axis Bank in 2007.
Headquarters: Mumbai, Maharashtra, India.
Services: Axis Bank offers a wide range of financial services including retail banking, corporate banking, investment banking, and wealth management.
Network: The bank has an extensive network of branches and ATMs across India and also has international offices.
Public Listing: Axis Bank is publicly listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
Market Position: One of the largest private sector banks in India.
Subsidiaries: Includes Axis Capital, Axis Mutual Fund, Axis Securities, and more.
Leadership: As of 2024, the CEO and Managing Director is Amitabh Chaudhry.
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