Max New York Life to sell 5% stake to Axis Bank | india | Hindustan Times
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Max New York Life to sell 5% stake to Axis Bank

Private insurer Max New York Life Insurance (MNYL) will offload 5 per cent stake to Axis Bank. Senior officials in both the insurance company and the bank confirmed a deal was in the pipeline.

india Updated: Mar 28, 2010 23:02 IST
HT Correspondent

Private insurer Max New York Life Insurance (MNYL) will offload 5 per cent stake to Axis Bank. Senior officials in both the insurance company and the bank confirmed a deal was in the pipeline.

When asked if the buyout in MNYL is a strategic investment, a senior official of Axis Bank told Hindustan Times, “No. It is just an investment.”

The Axis Bank official also said the price would be lower than the Rs 180 crore figure floating around in the media.

“By buying a stake in the insurance company, Axis Bank is demonstrating its commitment and wants to participate in the value creation process that is the tie-up between Axis and us to distribute our products,” an MNYL official said.

An MNYL official also said the contours of the agreement would be finalised by next month. MNYL had a market share of 1.91 per cent, in the 11 months to February 2010.