MUMBAI: Bandhan Financial Holdings (BFHL), promoter of Bandhan Bank, has signed a pact with Aegon India Holding and Bennett, Coleman & Company Limited (BCCL) for the acquisition of the entire shareholding of Aegon and BCCL in Aegon Life Insurance Company Limited (Aegon Life), which serves nearly 3 lakh customers.
The deal will mark BFHL’s entry into the life insurance sector in addition to its presence in the banking and mutual fund sectors. Aegon, an international financial services holding company, has a 56% stake in Aegon Life and pursues a digitally focused strategy. Established in 2008, Aegon Life provides products that include terms, savings, unit-linked, and health plans.
Headquartered in Mumbai, the company has nearly 250 employees. “The acquisition of Aegon Life provides us an opportunity to enhance our portfolio of products and services in the financial services sector combined with access to an established technology platform and product suite, coupled with an experienced management team,” said Karni S Arha, managing director of BHFL. “Looking ahead, BFHL plans to make affordable insurance coverage being made available to a wide spectrum of customers across the country for their financial protection,” he added.
Aegon Life held a competitive bidding process which witnessed participation from various investors. BFHL was selected as the successful bidder to acquire Aegon Life “The synergies between our tech and data-driven operations, coupled with the distribution strength of our new shareholders, will drive our growth and enable us to serve our customers and partners better,” said Satishwar Balakrishnan, MD & CEO, Aegon Life.