Nippon Life Insurance Co.’s India unit is considering buying a minority stake in IndusInd Bank Ltd., people familiar with the matter said, with the aim of using the lender’s network to expand sales of its insurance products
Mumbai: Japanese major Nippon Life Insurance Co.’s India unit is considering buying a minority stake in IndusInd Bank Ltd., people familiar with the matter said, with the aim of using the lender’s network to expand sales of its insurance products.
Nippon Life Insurance Co.’s India unit is considering buying a minority stake in IndusInd Bank Ltd., people familiar with the matter said, with the aim of using the lender’s network to expand sales of its insurance products.
Considerations are ongoing and might not lead to a transaction, they added.
A representative for Nippon Life declined to comment. IndusInd Bank didn’t respond to requests for comment.
IndusInd Bank has a market value of about Rs 730 billion ($8.4 billion).
Earlier Nippon Life Insurance Company had said its Singapore-based subsidiary Nippon Life Asia Pacific has received the regulatory nod to operate in India.
Nippon Life Asia Pacific focuses on market research and business management in the Asian region, and its India unit will be headquartered in Mumbai.
Nippon Life operates life insurance and asset management business in India through strategic investment in Reliance Nippon Life Insurance and Nippon Life India Asset Management Life respectively.
Bloomberg