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Business EconomyPosted at: Jul 22 2020 7:34PM


IndiaFirst Life’s Bancassurance strength bolstered by newly amalgamated Union Bank of India

Kolkata, Jul 22 (UNI) With erstwhile Andhra Bank and Corporation Bank amalgamating
into Union Bank of India, it is now the fifth largest public sector bank in the country.
It is also the new promoter bank of IndiaFirst Life Insurance Company Limited
(IndiaFirst Life) with 30% stake, along with Bank of Baroda (BoB) that holds a 44% stake
and Carmel Point Investments India Private Limited - owned by private equity funds
managed by Warburg Pincus LLC that holds 26% stake, in the organisation.
Commenting on the amalgamation, RM Vishakha, MD & CEO, IndiaFirst Life Insurance
Company Limited., said, “Andhra Bank has been a supportive partner and an integral part
of our journey till now. IndiaFirst Life is excited to welcome and be a part of the pedigreed
Union Bank of India family. We look forward to seamlessly integrating with their environment.
IndiaFirst Life embraces this change for robust growth and mammoth expansion to scale
new heights, be more ambitions and yet drive value creation. The unstinting support and
confidence demonstrated by our promoters and the combined guidance of our shareholders,
will help us move closer to fulfilling our vision of Insurance for All.”
Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited. said, “The
combined prowess of Bank of Baroda and the newly amalgamated Union Bank of India
will significantly expand IndiaFirst Life’s Bancassurance distribution potential. The
amalgamation provides us with enhanced distribution opportunities and is a natural
extension of IndiaFirst Life’s distinctive specialisation in Bancassurance. We offer a
diversified and comprehensive suite of 35 need-based products catering to every
customer segment. With cutting edge products, processes and people, we will endeavour
to win the heart of every Union Bank of India customer. We look forward to exciting times
ahead!”
Having strong promoters like Bank of Baroda, Carmel Point Investments India Private
Limited and now Union Bank of India on board, will only fuel IndiaFirst Life’s growth
momentum. We are committed towards continued value creation across all touchpoints,
for all stakeholders of IndiaFirst Life.
UNI BM
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Tags: #IndiaFirst Life’s Bancassurance strength bolstered by newly amalgamated Union Bank of India
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