Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Hyperface and Tutelar tie- up for fraud and risk management services

    May 6, 2024

    PhonePe ties up with Star Health Insurance offers monthly payments plan

    April 17, 2024

    Ramit Goyal appointed as Chief Distribution Officer at Future Generali India Insurance

    April 17, 2024
    Facebook Twitter Instagram
    BFSINXT
    Twitter YouTube LinkedIn
    • Banking
      • SME /Wholesale Banking
      • Retail
      • HR
        • Wholesale
      • Rural & Agri
    • NBFC
      • Customer Experience
      • Retail
      • Digital
    • Insurance
      • Life
      • General
      • InsurTech
    • Fintech
      • Payments
      • Lending
      • Wealth/PF
      • Neo-Banking
    • Policy
      • RBI
      • IRDAI
      • SEBI
      • Government
    • Financial Services
      • Securities
      • AMC
    • About us
      • Editorial Team
      • Our Advisory Panel
      • Get In Touch
    BFSINXT
    Home » Zurich Insurance to acquire 51% stake in Kotak General Insurance for ₹4,051 crore
    Insurance

    Zurich Insurance to acquire 51% stake in Kotak General Insurance for ₹4,051 crore

    Kotak Mahindra Bank and Kotak Mahindra General Insurance Company have entered into definitive agreements with Zurich Insurance Company Ltd, whereby Zurich will invest approximately ₹4,051 crore to acquire a 51% stake in Kotak General Insurance, the private sector lender said in a release.
    November 4, 2023Updated:November 9, 20232 Mins ReadBy Bfsinxt Desk
    Twitter LinkedIn WhatsApp

    Kotak Mahindra Bank on Thursday announced that Zurich Insurance Company Ltd will acquire 51% stake in Kotak General Insurance for ₹4,051 crore.

    Kotak Mahindra Bank and Kotak Mahindra General Insurance Company have entered into definitive agreements with Zurich Insurance Company Ltd, whereby Zurich will invest approximately ₹4,051 crore to acquire a 51% stake in Kotak General Insurance, the private sector lender said in a release.

    The investment by Zurich Insurance Company will be through a combination of fresh growth capital and share purchase.

    Zurich will acquire an additional stake of 19% within a period of three years from its initial acquisition, the bank said.

    “Kotak Mahindra Group’s pan-India ‘phygital’ distribution presence and Zurich’s distinct global capabilities in digital assets, B2B and B2C formats has potential to create a transformational ‘digical’ impact for the Kotak General Insurance franchise delivering innovation efficiently and rapidly in the Indian general insurance space,” said Dipak Gupta, MD & CEO, Kotak Mahindra Bank.

    The transaction is subject to customary conditions precedent including regulatory approvals from the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India, and the Competition Commission of India.

    Morgan Stanley acted as the financial advisor to Kotak Mahindra Bank and Kotak General Insurance Company for the strategic alliance with Zurich Insurance Group.

    Kotak Kotak General Insurance Zurich
    Previous ArticleZype expects to increase its loan book size to 500 Cr within the next 12 months
    Next Article PhonePe crosses 500 million lifetime registered users, rejigs top brass
    Bfsinxt Desk

    Related Posts

    PhonePe ties up with Star Health Insurance offers monthly payments plan

    April 17, 2024

    Ramit Goyal appointed as Chief Distribution Officer at Future Generali India Insurance

    April 17, 2024

    Driving drives over 65% growth for two-wheeler digital Insurance in India: PhonePe

    January 26, 2024

    HDFC Life Enters into a Corporate Agency Tie-up with Karur Vysya Bank

    January 2, 2024

    Leave A Reply Cancel Reply

    Recent Posts

    • Hyperface and Tutelar tie- up for fraud and risk management services
    • PhonePe ties up with Star Health Insurance offers monthly payments plan
    • Ramit Goyal appointed as Chief Distribution Officer at Future Generali India Insurance
    • Cashfree Payments launches ‘RiskShield’ to combat cyber payment frauds
    • Mastercard ties-up with Alipay for cross-border solutions

    Recent Comments

    No comments to show.
    Demo
    NBFC's

    Aditya Birla Housing Finance launches ‘ABHFL- Finverse’ for better loan experience

    March 30, 2024

    Shriram Finance raises USD 750mn through Social Bond from International Bond Markets

    January 23, 2024

    Karnataka Bank and Clix Capital enter into a Co-Lending Partnership

    January 17, 2024

    UGRO Capital raises USD 30 Million through NCDs from FMO

    January 2, 2024
    New Policy
    Policy

    Reserve Bank of India opens Sub-office in Itanagar, Arunachal Pradesh

    October 23, 20230By Bfsinxt Desk

    On October 20, 2023, Dr. Michael Debabrata Patra, Deputy Governor, Reserve Bank of India (RBI), inaugurated…

    GSTN gets included as a Financial Information Provider under Account Aggregator Framework

    November 23, 2022

    RBI to run Nation-wide Finanical Services Awareness Programme in November 2022

    November 3, 2022

    RBI to soon operationalise CBDC Wholesale (e₹-W) Pilot

    November 1, 2022
    • Twitter
    • YouTube

    Subscribe to Updates

    Get the latest creative news from SmartMag about art & design.

    BFSINXT
    Twitter YouTube LinkedIn
    © 2025 bfsinxt.com.

    Type above and press Enter to search. Press Esc to cancel.