Central Bank of India to Raise Stake in Generali Central Insurance Units

Central Bank of India will acquire the remaining stake of Future Corporate Resources Pvt. Ltd. in Generali Central Life Insurance Co. Ltd. and Generali Central Insurance Co. Ltd., the lender informed exchanges on Thursday.

Following the acquisition, Central Bank’s shareholding in Generali Central Life Insurance will increase to 26% from 25.18%, and in Generali Central Insurance to 26% from 24.91%, the bank said.

“The Central Bank of India has been declared as the successful bidder by the Committee of Creditors for the sale of Future Corporate Resources’ equity stake of 0.82% in Generali Central Life Insurance and 1.09% in Generali Central Insurance under Regulation 29 of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016,” the lender said in its filing.

In June, the bank had acquired 25.18% in Future Generali India Life Insurance and 24.91% in Future Generali India Insurance. Later in August, Central Bank and the Generali Group, which holds the remaining 74% in both entities, announced their rebranding as Generali Central Life Insurance and Generali Central Insurance.