Bank of Baroda will acquire Union Bank of India’s 21% stake in IndiaFirst Life Insurance Company. It is a joint venture between the Bank of Baroda, Union Bank of India, and Carmel Point Investments. At present, the shareholding in IFIC is BoB holds 44%, Carmel Point Investments India holds 26% and UBI holds 30%. The acquisition is pursuant to a ‘Right of First Offer’ made by UBI to the existing shareholders of IndiaFirst Life, to divest 21% of its stake in IndiaFirst Life.
IndiaFirst Life Insurance Company will continue to have a long term agency distribution agreements with both banks (BOB and UBI), even after this stake sale. Bank of Baroda has a strong domestic presence spanning 8,185 branches and 11,535 ATMs and cash recyclers supported by self-service channels. The bank has a significant international presence with a network of 96 overseas offices spanning 18 countries.
Important takeaways for all competitive exams:
- Bank of Baroda Founded: 20 July 1908;
- Bank of Baroda Headquarters: Vadodara, Gujarat;
- Bank of Baroda Managing Director & CEO: Sanjiv Chadha;
- Bank of Baroda Tagline: India’s International Bank;
- Bank of Baroda Amalgamated Banks: Dena Bank & Vijaya Bank in 2019.