Central Bank of India (CBoI) on Friday signed a shareholding deal with Generali for an insurance venture. With this CBoI joins peer public sector banks such as State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, Union Bank of India, and Bank of India that have insurance ventures.

The bank has acquired 24.91 per cent equity stake in Future Generali India Insurance Company (FGIICL) and 25.18 per cent equity stake in Future Generali India Life Insurance Company Limited (FGILICL). “It completed the discussions with Generali Group on Definitive Documents including Shareholders, Trademark and Distribution Documents,” a statement issued by the bank said here after M. V. Rao, MD & CEO, Central Bank of India and Roberto Leonardi, Asia Regional CEO of Generali, signed the shareholding deal for the insurance venture.

“This strategic partnership is aimed at enhancing insurance penetration across India, delivering innovative insurance products and ensuring deeper financial inclusion and enabling in achieving the Government’s mission of ‘Insurance for All’ by 2047,” the statement said. Through this collaboration, CBoI aims to unlock long-term value and deliver a comprehensive range of life, general, and health insurance solutions to its customers, the statement added.

This acquisition has been done under the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The cost of acquisition is up to ₹451 crore for the general insurance company (FGIICL) and up to ₹57 crore for the life insurance company (FGILICL), according to the public sector bank’s regulatory filing. The bank has obtained approval of the Competition Commission of India (CCI), the Reserve Bank of India (RBI) and the Insurance Regulatory and Development Authority of India (IRDAI), for the said acquisitions.

Published on June 27, 2025