Bank of Baroda acquires Union Bank of India’s 21% stake IndiaFirst Life Insurance

Pursuant to a ‘Right of First Offer’ (ROFO) made by Union Bank of India (UBI) to the existing shareholders of IndiaFirst Life Insurance Company Limited (a joint venture between Bank of Baroda (BOB), Union Bank of India (UBI) and Carmel Point Investments India Pvt Ltd), to divest 21% of its stake in IndiaFirst Life Insurance Company Limited and on completion of related processes under the Shareholders Agreement (SHA) and further, consequent upon receiving approvals from the respective Boards of both Banks, it has been decided by Bank of Baroda to acquire the 21% stake of Union Bank of India in IndiaFirst Life Insurance Company Limited, subject to receiving all statutory and regulatory approvals.

On conclusion of this stake sale process, the revised shareholding in IndiaFirst Life Insurance Company Limited will be Bank of Baroda-65%, Carmel Point Investments India Pvt Ltd-26% and Union Bank of India- 9%. IndiaFirst Life Insurance Company Limited will continue to have long term agency distribution agreement with both Banks (BOB and UBI), even after this stake sale.

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