Generali will be holding a 74% stake while Central Bank of India will be holding up to 26% in the joint venture
Jaime Anchústegui, deputy CEO, Insurance, Generali Group, commented: “We are pleased to announce this new chapter for our business in India together with Central Bank of India, who are a very strong and highly regarded local partner. We are confident this partnership will help further scale Generali’s footprint in India’s high potential market
Milan: Italian major Generali announced state owned Central Bank of India (CBI) as its new Indian partner for a life as well as a non life insurance joint venture in India.
Generali will be holding a 74% stake while Central Bank of India will be holding up to 26% in the joint venture.
CBI is one of the oldest public sector Indian banks, established in 1911, with a market capitalisation of ₹461 billion (€5.1 billion) and a distribution network of over 4,500 branches serving more than 80 million customers.
The partnership with CBI will enhance Generali’s market presence, strengthening its brand positioning and distribution capabilities in both Life and P&C, said Generali.
Jaime Anchústegui, deputy CEO, Insurance, Generali Group, commented: “We are pleased to announce this new chapter for our business in India together with Central Bank of India, who are a very strong and highly regarded local partner. We are confident this partnership will help further scale Generali’s footprint in India’s high potential market, fully in line with our ‘Lifetime Partner 27: Driving Excellence’ strategy, focusing on our core capabilities and growth in selected key geographies.”
Rob Leonardi, Asia regional officer, Generali group, added: “This partnership is a strong vote of confidence in our business in India. Working with Central Bank of India is an opportunity to go from strength to strength in an important growth market for Generali and comes at a good time on the back of the launch of our new strategic plan. Our combined strengths have the potential to carry our lifetime partner proposition to
new heights – from better brand recognition to enhanced distribution capabilities, all supported by our strong strategy.