Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Aviva likely to sell 30% stake to Syndicate Bank

Aviva Life Insurance, the local arm of UK insurer Aviva Group, is likely to sell 30% stake to state-run lender Syndicate Bank in a move to boost its income.

Dabur Group director Mohit Burman confirmed that the deal was in process and that a decision will soon be taken on the sale.

The local unit, 74% owned by Dabur India while the remaining owned by the parent company, may offer a discount on the face value to the Bank.

The Indian unit sells insurance through Punjab & Sind Bank, IndusInd Bank and DBS.

Aviva Life Insurance has a paid-up capital of 2,004 crore. The UK insurer, established in May 2002, has 7,654 crore total assets under management and has posted a profit of 29 crore in 2010-11.

According to Economic Times, Ernst & Young is helping Syndicate in the deal, which has over 1,500 branches.