In a strategic move to strengthen its footprint in the insurance sector, Central Bank of India has acquired a 25.18% stake in Future Generali India Life Insurance Company Ltd (FGILI). The acquisition, approved by regulatory authorities, signifies the public sector bank’s growing interest in expanding its non-banking financial services portfolio.
The deal was executed through the purchase of shares from the bank’s former joint venture partner, Future Enterprises Ltd, following the latter’s ongoing financial restructuring. This acquisition positions Central Bank of India as a significant stakeholder alongside Italy’s Generali Group, which continues to hold a majority stake in FGILI.
With this move, Central Bank is expected to gain strategic influence in shaping FGILI’s future growth and distribution strategies. The bank also aims to enhance its fee-based income by leveraging insurance cross-selling opportunities through its extensive branch network.
This development reflects a broader trend of public sector banks diversifying their operations to remain competitive in the evolving financial services landscape, especially as bancassurance partnerships grow increasingly integral to retail banking strategies.
