Bank of Baroda to acquire Union Bank’s stake in India First Life Insurance

Bank of Baroda will acquire Union Bank of India’s 21% stake in IndiaFirst Life Insurance Company. It is a joint venture between Bank of Baroda, Union Bank of India and Carmel Point Investments.

At present, the shareholding in IFIC is BoB holds 44%, Carmel Point Investments India holds 26% and UBI holds 30%. The acquisition is pursuant to a ‘Right of First Offer’ made by UBI to the existing shareholders of IndiaFirst Life, to divest 21% of its stake in IndiaFirst Life.