PNB acquires 30% stake in Metlife, company to be re-branded

Punjab National Bank today said it has received all regulatory approvals for acquiring 30 per cent stake in Metlife India Insurance.

Following this, the private sector life insurer would be re-branded as PNB Metlife India Ltd.

In a filing on BSE, PNB said, the bank has received all regulatory approvals, including CCl's, for acquiring 30 per cent stake in Metlife India Insurance.

Both PNB and MetLife India had approached the fair trade regulator Competition Commission of India (CCI) for approval on December 7, 2012.

On closing of the transaction, the company will be re-branded, it said.

State-run PNB had announced picking up of 30 per cent stake in MetLife India Insurance for an undisclosed sum in 2011.

As per the terms of the deal, US-based MetLife will have an arrangement with the existing shareholders and will raise its stake to 26 per cent within 120 days of operationalisation of the deal.

Currently, MetLife India stakeholders, include Jammu and Kashmir Bank, Shapoorji Pallonji and other investors, besides MetLife.

It is to be noted that PNB in 2010 decided to part ways with its foreign partner Principal Financial Group in a proposed life insurance joint venture it set up four years ago.

PNB bought the entire 26 per cent stake held by Principal Financial Group and the 32 per cent participating interest of domestic firm UK (Berger) Paints in Principal PNB Life Insurance Company Ltd.

PNB's stake in the proposed joint venture was 30 per cent, while that of Vijaya Bank was 12 per cent.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture