Central Bank of India Forays into Insurance Sector with Strategic Stake Acquisition in Future Generali The Bank has acquired a 24.91% equity stake in FGIICL and a 25.18% stake in FGILICL, effective June 4, 2025.

By Entrepreneur Staff

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Central Bank of India has announced its strategic entry into the insurance sector by acquiring significant stakes in two leading insurance firms — Future Generali India Insurance Company Limited (FGIICL) and Future Generali India Life Insurance Company Limited (FGILICL).

The Bank has acquired a 24.91% equity stake in FGIICL and a 25.18% stake in FGILICL, effective June 4, 2025.

The acquisition, completed after securing necessary approvals from the Reserve Bank of India (RBI), Insurance Regulatory and Development Authority of India (IRDAI), and the Competition Commission of India (CCI), positions Central Bank of India as a promoter in both companies.

FGIICL, established in 2006 and headquartered in Mumbai, is a key player in the general insurance space with operations across 150+ locations in India. The company provides a comprehensive range of insurance products for individuals and businesses, covering retail, commercial, rural, and personal needs.

FGILICL, also founded in 2006 and based in Mumbai, operates through a vast network of over 1,300 touchpoints nationwide. It offers a wide spectrum of life insurance products tailored for both individual and group customers.

With this dual acquisition, Central Bank of India aims to diversify its business portfolio and strengthen its foothold in the burgeoning Indian insurance sector. The move aligns with the Bank's long-term vision to enhance stakeholder value by tapping into high-growth financial services verticals.

This strategic investment marks a significant milestone in the Bank's expansion plans, reinforcing its commitment to innovation and sectoral growth.
Entrepreneur Staff

Entrepreneur Staff

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