Competition Commission of India clears central bank on acquisitions

The central bank proposed stakes in both life and general entities of Future Generali.

The Competition Commission of India (CCI) approved the Central Bank of India's proposed acquisition of stakes in two insurance companies: a 24.91% shareholding in Future Generali India Insurance (FGIICL) and a 25.18% shareholding in Future Generali India Life Insurance (FGILICL). 

This acquisition will be carried out through a bid submitted under the Insolvency and Bankruptcy Board of India’s regulations for corporate insolvency resolution. 

Central Bank of India, a scheduled commercial bank, is aiming to increase its presence in both the general and life insurance sectors through these acquisitions.

FGIICL is a general insurance provider offering personal, commercial, and rural insurance products, whilst FGILICL focuses on life insurance, providing a range of products including term insurance, savings plans, health insurance, and retirement plans.