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Federal Bank to acquire stake in IDBI Federal Life Insurance Company
Aug-06-2020

Federal Bank has entered into an agreement to purchase up to 4% stake in IDBI Federal Life Insurance Company (IFLIC), from IDBI Bank at a price not exceeding Rs 27.56 per equity share. The transaction is subject to regulatory approvals. The Bank currently holds 26% stake in IFLIC, making it an Associate of the Bank. Post purchase the total stake will increase up to 30%.

Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.

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