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Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
12 July, 2025 11:59 IST
Axis Bank, Max Financial Co ink strategic partnership
Source: IRIS | 24 Feb, 2020, 09.38PM
Rating: NAN / 5 stars.
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According to media reports, Axis Bank is looking to increase its stake in Max Life from the existing 2% to 20%. The elation among the company's investors was evident from the 9% surge in Max Financial's shares on Thursday.

Axis Bank, Max Financial Services Limited (MFS) and its subsidiary Max Life Insurance Company (Max Life) on February 20 signed a confidentiality and exclusivity arrangement to explore the possibility of Axis Bank entering into a long-term strategic partnership with Max Life.

"Max Financial Services and Axis Sank have entered into a confidentiality and exclusivity arrangement to explore a long-term strategic partnership, subject to receipt of applicable regulatory approvals and corporate authorisations, satisfactory completion of due diligence, and execution of definitive documentation," a regulatory filing by Max Financial said.

Max Life is currently the largest non-bank owned private life insurer in India, the company's BSE filing claimed. Max Financial Services presently holds a 72.5 percent stake in Max Life while Mitsui Sumitomo Insurance and Axis Bank hold 25.5 percent and 2 percent stake, respectively.

Shares of the company declined Rs 18.15, or 2.44%, to settle at Rs 725.80. The total volume of shares traded was 173,604 at the BSE (Monday).

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