Karni Singh Arha, managing director, BFHL, said, “ Given Bandhan’s focus of making formal financial services available to masses, this acquisition further enhances that endeavour
Mumbai:
Aegon Life, a digital life insurance company, today announced the transfer of the shareholdings of Aegon India Holding B.V. (“Aegon”) and Bennett, Coleman & Company Limited (“BCCL”) to Bandhan Financial Holdings Limited (BFHL), which is now the majority shareholder in Bandhan Bank.
With this, Bandhan Financial Holdings is now a promoter of Aegon Life Insurance.
BFHL’s acquisition not only signifies its entry into the Indian life insurance market but also highlights its commitment to expanding its footprint in the financial services sector. This strategic acquisition marks Bandhan group’s entry into the Indian life insurance sector, complementing its existing presence in banking and mutual funds, and aligns with Bandhan’s vision to build a comprehensive financial services conglomerate that addresses the diverse needs of Indian consumers.
Karni Singh Arha, managing director, BFHL, said, “India’s life insurance market, given its size and potential, is crucial to becoming a diversified financial services group. Given Bandhan’s focus of making formal financial services available to masses, this acquisition further enhances that endeavour. We deeply appreciate Aegon Life’s digital capabilities and its experienced management team and together we look forward to leveraging their digital strength with Bandhan’s distribution expertise to grow this business.
Satishwar B., MD and CEO, Aegon Life, said, “This marks an exhilarating new beginning – the synergy between our tech-centric operations and Bandhan’s extensive distribution capabilities will expand the reach of our innovative insurance solutions across the nation. “
BFHL currently holds 39% stake in Bandhan Bank. BFHL is also the sponsor of Bandhan Mutual Fund (“Bandhan Mutual Fund”), holding ~60% stake in Bandhan Asset Management.