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BoI to sell 18% stake in life insurance JV to Dai-ichi

State-run Bank of India said it is looking at selling 18 percent stake in the three-way life insurance arm, Star-Union Dai-ichi Life Insurance, to the Japanese partner to bring down its share to 30 percent.

May 29, 2015 / 09:17 PM IST
 
 
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State-run Bank of India said it is looking at selling 18 percent stake in the three-way life insurance arm, Star-Union Dai-ichi Life Insurance, to the Japanese partner to bring down its share to 30 percent.


Star Union Dai-ichi Life is a joint venture between Bank of India (48 percent), Union Bank of India (26 percent) and Japanese life insurer Dai-ichi Life (26 percent).


"We will bring down our stake from 48 percent to 30 percent. The valuation process is in progress," Bank of India chairperson and managing director Vijaylaxmi Iyer told reporters here  after announcing a Rs 56 crore net loss in the March quarter against a net profit of Rs 558 crore a year ago.


She said Dai-ichi which has 26 percent stake will increase it to 49 percent, while Union Bank will retain its stake at 26 percent. Iyer, however, did not give any timeline by when the process will get over.


Meanwhile, Edelweiss Tokio Life Insurance also said its foreign partner Tokio Marine will hike stake in the joint venture to 49 percent. The company has filed an application with the Foreign Investment Promotion Board for hiking stake of the foreign partner from 26 percent to 49 percent.

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