CCI approves acquisition of additional shareholding in Generali Central Insurance Company and Generali Central Life Insurance by Central Bank of India

CCI approves acquisition of additional shareholding in Generali Central Insurance Company and Generali Central Life Insurance by Central Bank of India

The Competition Commission of India (CCI) has approved acquisition of additional shareholding in Generali Central Insurance Company Limited and Generali Central Life Insurance Company Limited by Central Bank of India.

The proposed combination relates to acquisition of 1.09% additional equity in Generali Central Insurance Company Limited (GCICL) and 0.82% additional equity in Generali Central Life Insurance Company Limited (GCLICL) by Central Bank of India.

Central Bank of India is engaged in provision of banking services in India including acceptance of deposits, lending, and provision of allied financial services.

GCICL and GCLICL are engaged in the provision of insurance products in India. GCICL provides general insurance services and GCLICL provides life insurance services in India.

Detailed order of the Commission will follow.