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Large Indian Lender Sells Down Stake In Life Insurance Business
Tom Burroughes
18 November 2015
India private sector lender , which is the largest lender of its type by assets, has agreed to sell a 6 per cent stake in a life insurance venture in two specific deals with Temasek, the Singapore sovereign wealth fund, and Azim Premji, the billionaire. Some 4 per cent was sold to Premji Invest and 2 per cent was sold to Temasek, the US-listed bank said in a statement this week. The deals value the business at $4.9 billion. The deal means ICICI will hold about a 68 per cent shareholding in the firm. Prudential plc, the bank’s joint venture partner, will hold its current share of around 26 per cent. The life insurance sector has been at times an under-appreciated part of the wealth management sector's range of tools for protecting wealth. For more on this issue, see here.