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Federal Bank to buy additional 4% stake in life insurance JV from IDBI Bank for over Rs 80 crore
Federal Bank will be purchasing 4 per cent, while their Dutch partner Ageas Insurance International NV will be buying 23 per cent to take its ownership to 49 per cent, the maximum permissible for a foreign partner in a life insurance venture
ICICI Bank divests 1.5% stake in ICICI Pru Life for Rs 840 crores
The Government of Singapore today has acquired 1.14 percent equity stake in ICICI Prudential Life Insurance Company through open market transactions on June 22.It bought 1,64,30,820 equity shares (representing 1.14 percent of the total paid up equity capital) of ICICI Prudential at Rs 391.6 per share, as per bulk deals data on the National Stock Exchange.
The ICICI Bank’s shareholding in ICICI Prudential Life Insurance Company Limited stands at approximately 51.4%
SBI’s new mantra work-from-anywhere
On the business side, the focus of the bank in the days ahead would be on revisiting risk assessment and business procedures in addition to rapid adoption of digital technology, said State Bank of India’s annual report.
“Bank will also have to revisit its risk management framework, its internal models of risk assessment and capital planning and business procedures to better adapt to new operating environment,” the report said.
Decide corruption cases in time involving retiring bank, govt officials: CVC
“Further, it was also conveyed that all such retirement cases should be received by the first week of the month of superannuation of the officer(s) concerned,” said the directive, issued to secretaries of central government departments and the chairman and managing directors of public sector banks, undertakings and autonomous organisations.
Citigroup launches new ESG investment banking group
“The current Covid crisis will elevate the importance of ESG to our clients, as they increasingly focus on more sustainable and resilient strategies and on recovery plans that help drive the just transition to a net-zero emissions future,” global BCMA heads Tyler Dickson and Manolo Falcó said in a memo to bankers sent on Tuesday.
Companies have become more focused on environmental, social and governance (ESG) factors in recent years as activists and investors put pressure on them and companies that put these considerations at the forefront are rewarded.
Barclays CEO says ‘putting 7,000 people in a building may be thing of the past’
“There will be a long-term adjustment in how we think about our location strategy…the notion of putting 7,000 people in a building may be a thing of the past,” he told reporters after the bank reported a fall in first-quarter profits.
In an all-cash deal,Axis Bank to acquire 29% of Max Life Insurance
Deal marks coming together of 3rd largest private bank and 4th largest private life insurer
Strategic transaction to strengthen the franchise and bring long term orientation to the
relationship
Axis Bank to own 30% stake in Max Life post transaction closure
Max Life to include Axis Bank logo in its brand tag line to demonstrate the close knit partnership
Union Bank plans to lower stake in IndiaFirst Life to less than 10%
“We will continue the process started by erstwhile Andhra Bank to divest the stake to bring it below 10 per cent,” Union Bank of India Managing Director and Chief Executive Officer Rajkiran Rai G told PTI.
Indian banks issue gag orders to employees over branch overcrowding – documents, sources
“So far we’re neither getting help to manage the crowds, nor are we being allowed to voice complaints… about the critical lapses and failures of social distancing at banks,” said another bank employee who also requested anonymity.
PNB to retain stake in two life insurance ventures as Irdai gives nod
“Irdai says there is no regulation to restrict currently. So, both can continue,” PNB Managing Director S S Mallikarjuna Rao.