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Central Bank of India soars after RBI clears acquisition of stake in FGIICL, FGILICL
25-Nov-24   12:43 Hrs IST

The approval is subject to continuous compliance of conditions stipulated by it and approval of IRDAI, the insurance sector regulator.

In October 2024, the Competition Commission of India (CCI) has approved the proposed acquisition of 24.91% shareholding in Future Generali India Insurance Company (FGIICL) and 25.18% shareholding in Future Generali India Life Insurance Company (FGILICL) by Central Bank of India, a public sector bank.

FGIICL is a general insurance company. It provides personal insurance, commercial insurance, social & rural insurance etc.

FGILICL is a life insurance company. It provides savings insurance, investment plans (ULIP), term insurance plans, health insurance plans, child plans, retirement plans, rural insurance plans and group insurance plans.

Central Bank of India is engaged in providing banking and financial services with wide range of products and services to individuals, commercial enterprises, large corporates, public bodies and institutional customers.

The bank reported 50.91% jump in net profit to Rs 913 crore on a 17.08% increase in total income to Rs 9,849 crore in Q2 FY25 as compared with Q2 FY24.

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