Punjab National Bank acquires 30% stake in Metlife, company to be re-branded
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Punjab National Bank (PNB) today said it has received all regulatory approvals for acquiring 30 per cent stake in Metlife India Insurance.
Following this, the private sector life insurer would be re-branded as PNB Metlife India Ltd.
In a filing on BSE, PNB said, the bank has received all regulatory approvals, including CCl's, for acquiring 30 per cent stake in Metlife India Insurance.
Both PNB and MetLife India had approached the fair trade regulator Competition Commission of India (CCI) for approval on December 7, 2012.
On closing of the transaction, the company will be re-branded, it said.
State-run PNB had announced picking up of 30 per cent stake in MetLife India Insurance for an undisclosed sum in 2011.
As per the terms of the deal, US-based MetLife will have an arrangement with the existing shareholders and will raise its stake to 26 per cent within 120 days of operationalisation of the deal.
Currently, MetLife India stakeholders, include Jammu and Kashmir Bank, Shapoorji Pallonji and other investors, besides MetLife.
It is to be noted that PNB in 2010 decided to part ways with its foreign partner Principal Financial Group in a proposed life insurance joint venture it set up four years ago.
PNB bought the entire 26 per cent stake held by Principal Financial Group and the 32 per cent participating interest of domestic firm UK (Berger) Paints in Principal PNB Life Insurance Company Ltd.
PNB's stake in the proposed joint venture was 30 per cent, while that of Vijaya Bank was 12 per cent.