Bank of Baroda plans to list life arm in next fiscal

Bank of Baroda is considering an initial public offer (IPO) of its insurance arm IndiaFirst Life in the next financial year. BoB holds a 44% stake in IndiaFirst with Union Bank and Carmel Point Investment (Warburg Pincus) 30% and 25% respectively.

“Life insurance had a bit of a rough ride during Covid, but this company has continued to perform very well. In the last quarter, it was the fastest-growing life insurer and its ranking moved up from 12 to 10,” said BoB MD & CEO Sanjiv Chadha. “We are very invested in the business.” Chadha confirmed that an IPO was one of the routes being considered.

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