RBI approves Zurich Insurance's majority stake acquisition in Kotak General
The Reserve Bank of India (RBI) has approved Zurich Insurance Company's plan to acquire a 70% stake in Kotak Mahindra General Insurance Company. The deal, worth ₹5,560 crore, was confirmed by Kotak Mahindra Bank today. The bank stated that all necessary approvals have been received and the transaction will be completed "upon fulfillment of other conditions precedent."
Details of Zurich Insurance's stake acquisition unveiled
Zurich Insurance had previously announced in February its intention to acquire a 70% stake in Kotak General for ₹5,560 crore in a single tranche. The plan, as outlined by Zurich Insurance in November 2023, involved initially acquiring a 51% stake through fresh growth capital and share purchase, followed by an additional 19% stake later on. The Competition Commission of India also gave its consent to the acquisition on February 6.
Kotak Mahindra Bank has revised charges for several services
In related news, Kotak Mahindra Bank is shaking things up with their fees for salary and savings accounts. You can expect adjustments to how much you need to keep in your account to avoid charges, along with changes to limits on free transactions, ATM withdrawals, and how many checks you get for free. These updates are detailed in their recently revised General Schedule of Features and Charges, available on the Kotak Mahindra Bank website.
