The bank was expected to remove the entire stake or a considerable part of IndiaFirst Life Insurance as per IRDAI's guidelines
iii. The bank received a promoter stake in IndiaFirst Life Insurance in April, which was previously held by Andhra Bank following its 'mega' merger on April 1 with Andhra Bank and Corporation Bank. Key Points
As of now, Bank of Baroda is the biggest shareholder in India First Life Insurance with 44% stake. Camel Point Investments, a Mauritius based company owned by private equity investor Warburg Pincus has the remaining 26% share. Background
UBI has sent a proposal to seek permission to continue with its existing holding in IndiaFirst Insurance and Star Union Dai-Chi for an extended period of at least one year on March 7. About UBI:
Headquarters – Mumbai, Maharashtra
Chairman & Part time Non-Official Director- Kewal Handa
Managing Director (MD) & Chief Executive Officer (CEO) – Rajkiran Rai G.
About IndiaFirst Life Insurance:
MD & CEO – RM Vishakha
About IRDAI:
Headquarters – Hyderabad, Telangana
Chairman – Subhash Chandra Khuntia
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