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BFHL has secured the ultimate regulatory approval to amass AEGON Life Insurance coverage, reported the Financial Occasions (ET), citing two sources aware about the event.
The holding firm of Bandhan Financial institution, which already has a presence in banking and mutual funds, obtained the nod from the Insurance coverage Regulatory & Growth Authority (IRDAI) earlier final week, sources stated.
With this approval, BFHL has crossed the final regulatory hurdle, having obtained consent from the Reserve Financial institution of India just a few weeks in the past.
Aegon Life, a three way partnership between Aegon and Bennett, Coleman & Firm, is understood for its digital focus within the life insurance coverage area.
The acquisition of Aegon Life, which attracted curiosity from a number of buyers, was first introduced in July 2023.
Its integration into BFHL is predicted to be a strategic transfer, diversifying the latter’s monetary providers choices.
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The settlement contains provisions for the continuity of Aegon Life’s present administration workforce and staff. That is supposed to help the corporate’s technique and development beneath the brand new possession.
Bandhan Monetary Holdings MD Karni Singh Arha informed the ET: “We count on the change of management to take impact within the coming weeks from Aegon and Bennett, Coleman & Firm to the Bandhan Group. The life insurer has established credentials within the digital area. We wish to leverage that have and develop it additional.
“Moreover, we are going to look to ramp up different distribution partnerships – be they bancassurance or broking, amongst others. Given Bandhan’s expertise and experience of driving monetary inclusion among the many lots, this specific addition can be most consequential.”
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