The purchase of 29% stake of Max Life Insurance was approved by Axis bank. This acquisition will led the total stake of private lenders to 30%. After the completion of this acquisition the Max life will be considered as a joint venture of 70:30 between the max financial services and axis bank. The transaction is expected to be completed in six to nine months.
In the words of MD&CEO of Axis Bank, āWe continue to believe in the long term prospects of Indiaās under-penetrated life insurance space, current environment notwithstanding. We see this joint venture creating immense value for our stakeholders given our long standing, high performing partnership with Max Life. We believe this transaction will allow us to deepen our working relationship leading to better integrated teams and infrastructure and a superior alignment in our approach.”
In the words of Founder and Chairman of Max Group, āI believe that in Axis, we have found an exceptional partner and we have conviction that this will make Max Life fundamentally stronger, better performing and will bring stability to the franchise. We will run the organization as if itās an equal partnership, a philosophy which has held us in good stead earlier as well.”
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